Vesper Energy Gets $100Mn Financing to Develop 3GW Solar, 2.5GWh Energy Storage Proj Pipeline

North American utility-scale renewable energy assets developer Vesper Energy has closed a new letter of credit (LC) facility with Macquarie Group for up to USD 100 million.

This new financing is expected to fast-track the development of its 3 GW Solar, 2.5 GWh Energy Storage project pipeline in North American.

The company further said that it will use this LC facility to cost-effectively post securities for power purchase agreements (PPAs) and interconnection agreements with energy transmission networks like PJM, CAISO and ERCOT.

Commenting on the development, Craig Carson, CEO of Vesper Energy said that “we are pleased to have found a strong financing partner in Macquarie to support Vesper Energy’s rapid growth.”

“This credit facility will better enable us to provide innovative solutions for the development of our solar and energy storage pipeline,” Carson added. 

Since its start in 2015, the developer has commercialized more than 680 MW of utility-scale solar projects in the United States. Its existing pipeline encompasses 20 unique solar and energy storage projects and it is planning to start construction on 3 new sites in California, Ohio and Pennsylvania by next year.

Speaking on providing credit facility to Vesper, Sherri Brudner, Managing Director for Macquarie's Commodities and Global Markets group, said that “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.”

“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,” Brudner added.

The 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 has been secured by Vesper Energy’s existing solar and energy storage assets, a testament to the depth and strength of the company’s existing projects.

Meanwhile, Vesper Energy has commercialized more than 680 MW of solar projects in US. The company had started as Lendlease Energy Development in 2015 and rebranded as Vesper Energy in 2020, after Magnetar Capital acquired majority ownership.