US renewables owner Vesper Energy is set to accelerate the development of its solar and storage pipeline in North America after closing a letter of credit facility for up to US$100 million.
The news comes after asset manager Magnetar Capital acquired the renewables business of property group Lendlease earlier this month, rebranding it as Vesper Energy.
Vesper’s letter of credit facility with Macquarie Group will enable it to speed up the development of its 3GW solar and 2.5GWh storage pipeline. The company said it will use the facility to post securities for power purchase agreements and interconnection deals with energy transmission networks including PJM, CAISO and ERCOT.
Vesper Energy CEO Craig Carson said: "This credit facility will better enable us to provide innovative solutions for the development of our solar and energy storage pipeline."
Since its foundation in 2015, Vesper Energy has commercialised more than 680MW of utility-scale solar parks in the US. Its existing pipeline consists of 20 PV and energy storage projects, and it plans to begin construction on three new sites in California, Ohio and Pennsylvania next year.