US-based utility-scale renewable energy developer Vesper Energy has secured $590m in a debt financing deal for the development of its 600MW Hornet Solar project in Texas. The deal involves MUFG Bank, Nord/LB and Santander as coordinating lead arrangers, BayernLB as joint lead arranger and Associated Bank as lender. The funding includes a construction-to-term loan and letter of credit facility, and the transfer of production tax credits (PTC), supported by provisions under the Inflation Reduction Act. Advantage Capital arranged a purchase commitment to monetise more than $500m of PTCs, which will be leveraged by the loan facility. The project, currently being constructed by Blattner Energy, is said to be one of the largest single-phase solar projects in the US.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
