Vesper Energy closes $590 million for 745 MW Texas solar project
The company closed financing for a solar project that is expected to generate enough electricity for the equivalent demand of 160,000 homes.
Blattner Energy is constructing the project, which is selling its power to four large offtakers via a power purchase agreement. The project began construction in the Fall of 2023 and is planned to be operational as soon as January 2025.
Vesper Energy said the project will deliver renewable energy to communities throughout Texas, provide grid stability, and mitigate price volatility in the ERCOT market, interconnecting to Oncor Electric’s transmission system. The project will utilize bifacial solar modules on a single-axis tracker, which is the industry standard nationwide for large utility-scale solar projects.
The company said it expects to monetize over $500 million of production tax credits (PTC) over the next ten years.
Hornet Solar is projected to contribute more than $100 million in new tax revenue to Swisher County over the life of the project without raising taxes. Projected tax benefits include $61.2 million to the Tulia Independent School District, $25.7 million to Swisher County, and $11.9 million to the Swisher County Memorial Hospital.
