US independent power producer (IPP) Vesper Energy has secured US$236 million in debt financing to back a 201MW solar PV project in Texas.
The Nazareth solar project in Swisher County, Texas, will be built on 2,400 acres of land near Vesper Energy’s fully operational, 600MW Hornet solar project, also in Swisher County. Construction on the Nazareth project is expected to begin in June 2026 and commercial operation is expected in Autumn 2027.
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The US$236 million debt financing package comprises a construction-to-term loan and a letter of credit facility and was led by Japanese bank MUFG.
“Our experience developing projects in the region reinforces the value that well-executed energy infrastructure can provide. Nazareth Solar will support reliable power generation for the Texas grid while contributing durable economic activity and stable income opportunities for local landowners,” said Juan Suarez, co-CEO of Vesper Energy.
Texas is the fastest-growing solar market in the US. According to Solar Energy Industries Association (SEIA) data, the state has just under 52GW of operational solar capacity and is expected to overtake California in 2027 as the top state for cumulative solar capacity.
In the last month alone, commercial operations have begun at over 1GW of new utility-scale solar capacity in Texas. Last week, Canadian developer Enbridge began operations at the first phase of its 400MW Sequoia project in Callahan County and Spanish energy firm Repsol commissioned its 825MW Pinnington solar project.
