Vesper Energy to fast-track development of US solar pipeline after closing Macquarie financing

Image: IRENA.

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.

Read Next

August 11, 2022
US solar tracker supplier Array Technologies has bounced back from a difficult 2021 by posting strong Q2 2022 financial results mainly due to its acquisition of STI Norland, while upcoming tailwinds could buoy its performance further still moving through the year.
August 10, 2022
OMERS Private Equity has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.
August 10, 2022
US solar tracker manufacturer FTC Solar has cut its net losses compared with last quarter and Q2 2021 but has seen its revenue collapse, blaming a hostile solar environment in the US that has seen project delays and cancellations, which it said it now hoped was coming to an end.
August 9, 2022
The Public Service Commission of the District of Columbia (DCPSC) has approved a 15-year power purchase agreement (PPA) with renewables developer Invenergy for 73MW of solar power to meet a 5% renewables target for district’s default electricity supply.
August 8, 2022
The Inflation Reduction Act (IRA), which includes US$369 billion in energy security and climate change programmes over the next ten years, passed in the US Senate on Sunday, paving the way for its movement to the House of Representatives and subsequent signing by President Joe Biden.
August 8, 2022
Energy technology company AES Corporation is still on track to reach its target of 4.5-5.5GW in long-term renewables and energy storage contracts in 2022, having already signed 1,618MW in the year to date, according the firm’s Q2 financial report.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event