Project Finance Brief: Vesper Energy Secures $590 Million for Solar Project

Grenergy sells solar and wind projects in Peru

February 7, 2024


From: Mercom Capital Group

Vesper Energy, a developer, owner, and operator of utility-scale renewable energy projects, secured $590 million in debt financing for the Hornet Solar power project in Texas. The Hornet Solar project is being developed in Swisher County, Texas, and will have a capacity of 600 MWac/ 745 MWdc. It is expected to generate enough to power 160,000 homes annually. The company secured a debt financing package, which also consists of a construction-to-term loan and a letter of credit facility.

Grenergy, an independent solar and wind power producer, announced the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú. The combined value of the transactions amounts to $150 million, which could rise to $154 million depending on meeting certain operational milestones.

Cleantech Solar, a provider of solar energy for commercial & industrial customers in India and Southeast Asia, has secured a long-term senior secured loan of ₹6.25 billion (~$75 million) from Tata Capital to expand open access renewable energy projects across India. Cleantech said the funds will be used for the construction, development, and operation of its under-construction pipeline of open access solar and wind parks.

Spearmint Energy, an energy storage project developer, announced the addition of Nuveen to its $200 million enhanced credit facility with Aiga Capital Partners. The term loan will support the development and construction of a 2.8 GW portfolio of battery energy storage system assets. The portfolio includes over 1 GW of projects nearing construction in Texas’ ERCOT power market as well as Revolution, Spearmint’s 150 MW, 300 MWh BESS project in West Texas.

The Asian Development Bank (ADB) has raised ₹12.5 Billion (~$150 million) through green bonds, making it the largest Indian rupee bond to date. The proceeds from this bond will be used to finance ADB’s private-sector renewable energy projects and for green financing.

Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.

Read last week’s project finance brief.