New Financing Will Fast-Track the Development of Its 3 GW Solar, 2.5 GWh Energy Storage North American Project Pipeline
PVTIME - Vesper Energy announced it closed a new letter of credit (LC) facility with Macquarie Group ("Macquarie") for up to $100 million. The LC facility will empower Vesper Energy to fast-track the development of its current 3 GW solar and 2.5 GWh energy storage pipeline in North America. The company will use the LC facility to cost-effectively post securities for power purchase agreements (PPAs) and interconnection agreements with energy transmission networks like PJM, CAISO and ERCOT.
"We are pleased to have found a strong financing partner in Macquarie to support Vesper Energy's rapid growth," said Vesper Energy CEO Craig Carson. "This credit facility will better enable us to provide innovative solutions for the development of our solar and energy storage pipeline."
Since its start in 2015, Vesper Energy has commercialized over 680 MW of utility-scale solar projects in the U.S. Its existing pipeline encompasses 20 unique solar and energy storage projects and it plans to begin construction on three new sites in California, Ohio and Pennsylvania in 2021.
"By leveraging our expertise in the physical and financial energy space, Macquarie devised and provided a truly bespoke credit facility to Vesper Energy as it works to bring its significant development pipeline to fruition," said Sherri Brudner, Managing Director for Macquarie's Commodities and Global Markets group. "Vesper Energy's team has a track record of developing high-quality, high value assets that address society's unique energy challenges, and we're proud to be a financing partner."
Today's news follows the announcement that Lendlease Energy Development was acquired and rebranded by Evanston-IL-based alternative asset manager, Magnetar Capital, and is now operating under the Vesper Energy name.
The facility is secured by Vesper Energy's existing solar and energy storage assets, a testament to the depth and strength of the company's existing projects.