US developers have announced a number of project advancements this week. Vesper Energy has started construction at a 201MW Texas solar project, rPlus Energies has stared commercial operations at a solar-plus-storage project in Utah and Matrix Renewables has secured US$1.3 billion in finance for four projects in various stages of development across the country.
IPP Vesper Energy starts construction at Nazareth project in Texas
US independent power producer (IPP) Vesper Energy has started construction at the 201MW Nazareth Solar project in Swisher County, Texas.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Vesper expects to begin commercial operations in autumn 2027, and the project will deliver power to the ERCOT grid, which covers around 90% of the electric load of Texas. Renewable energy connected to ERCOT has been a driving force behind the recent boom in solar deployments in Texas, with figures from the US Energy Information Administration (EIA) showing that utility-scale solar generation on the ERCOT grid is expected to surpass that of coal this year for the first time.
The IPP secured finance for the project earlier this month, which will be built on land adjacent to its 600MW Hornet Solar project, one of the largest single-phase solar PV projects in the US that the company brought online last April.
The new project will be “providing energy at the local and regional levels,” according to Karl Smith, senior manager of project management at Vesper. “Breaking ground at Nazareth reflects what Vesper Energy proved at Hornet Solar, and we’re thrilled to bring the same discipline and execution to this project from day one,” he added.
Developer rPlus Energies starts commercial operations at Utah solar-plus-storage project
Earlier this week, renewables developer rPlus Energies started commercial operations at its 400MW Green River Energy Centre in Emery County, Utah.
Alongside the 400MW solar PV component, the project includes a 400MW/1,600MWh battery energy storage system (BESS), and both PV Tech and our colleagues at Energy-Storage.news have reported on the project’s development and financing activities over the last four years.
In 2024, rPlus Energies secured over US$1 billion for Green River, with company president and CEO Luigi Resta saying the project was its debut as an IPP.
Later that year, rPlus Energies broke ground on Green River. The solar PV modules were provided by Elite Solar and the BESS solution by Tesla, while Sundt Construction was responsible for engineering, procurement and construction (EPC) services.
The IPP also signed a power purchase agreement (PPA) for the project with utility PacifiCorp in 2022. The original document was amended in 2024 to quadruple the site’s energy storage capacity from 400MWh.
Additional reporting by April Bonner. Read the original version of this story on Energy-Storage.news.
IPP Matrix Renewables secures US$1.3 billion in project finance
US IPP Matrix Renewables has secured over US$1.3 billion for a portfolio of solar PV and storage projects in the US.
The financing consists of over US$470 million of construction-to-term loan financing, US$400 million of tax equity bridge loan financing and US$100 million in letters of credit, with Santander, HSBC, MUFG and Nomura acting as co-lead arrangers for the transaction. DESRI has committed an additional US$210 million for a preferred equity investment in the two projects in the portfolio that are still in the construction phase.
The portfolio consists of two operating assets that have been refinanced—the 261MW Pleasant Valley solar PV project in Idaho and the 143MW Gaskell West solar project in California, which is co-located with 80MWh of BESS—and two projects currently under construction, the 457MW Tormes solar project and the 86.5MWh Alamo BESS project. The Alamo project is under construction adjacent to the Gaskell West project.
The news is the latest project advancement for Matrix, which broke ground on the Tormes project earlier this month.
“This transaction marks a significant milestone for Matrix in the US, optimising the financing of two existing assets while establishing an efficient, scalable structure for our construction portfolio,” said Matrix managing director and head of US, Cindy Tindell. “By transitioning to a multi-asset approach, we are unlocking additional value and strengthening the foundation for our growth.”
Thus emphasis on “multi-asset” financing echoes similar sentiments expressed in Europe. Earlier this year, speakers at Solar Media’s Solar Finance & Investment Europe event said that investors prefer to make decisions on whole portfolios at a time, rather than individual projects, to benefit from investing across as broad a range of markets and technology types as possible.
