DALLAS, June 11, 2024 ~ Vesper Energy, a leading renewable energy developer, has recently announced the successful completion of construction and term loan syndication for its Hornet Solar project. This marks a significant milestone for the company, as it represents a total investment of approximately $592 million.

The syndication process was initiated after the financial close of the Hornet Solar project in December 2023. This achievement not only demonstrates continued investor confidence in the project but also highlights Vesper Energy's ability to deliver reliable and resilient infrastructure.

In a statement, Vesper Energy's Chief Financial Officer Robert Scheuermann expressed his satisfaction with the closing, stating that it is a testament to the value of their Hornet Solar project. He also emphasized their ability to utilize innovative financial structures to provide mutual benefits for their partners. Scheuermann further added that they are looking forward to collaborating with leading investors and lenders as they continue to develop, construct, and operate clean energy projects across the United States.

The Hornet Solar project spans over six square miles in Swisher County, Texas. It is one of the largest single-phase solar projects in the country and is expected to generate 600 MWac, enough to power 160,000 homes annually. The project will not only provide renewable energy to communities throughout Texas but also contribute to grid stability and mitigate price volatility in ERCOT.

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Hornet Solar has secured commitments from top-tier banking and lending partners, including MUFG Bank Ltd., Nord/LB, Santander as coordinating lead arrangers; Societe Generale, BayernLB, KB Kookmin Bank as joint lead arrangers; and Allied Irish Bank, Associated, Radiance Structured Finance, DZ Bank as lenders.

Matt Curtin, Managing Director at MUFG Bank Ltd., expressed his satisfaction with partnering with Vesper Energy on this important renewable energy project financing. He stated that Hornet Solar required a large capital raise in a crowded market but its successful execution speaks to the project's attractive credit profile and prudent financing structure.

The Hornet Solar project has a nameplate capacity of 600 MWac and 745 MWdc, utilizing bifacial photovoltaic modules on a single-axis tracking system. The construction of the project is being carried out by Blattner Energy. The power generated by the project is contracted to four off-take partners through individual Power Purchase Agreements.

To learn more about the Hornet Solar project, interested parties can visit their website at https://www.hornetsolartx.com/. With its impressive scale and innovative technology, the Hornet Solar project is set to make a significant impact in the renewable energy sector and contribute to a cleaner and more sustainable future.

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