Vesper Energy reaches key milestone as Hornet Solar Project nears completion

Vesper Energy has marked a significant milestone in the development of the Hornet Solar project, successfully installing the final module in a system comprising more than 1.36 million photovoltaic panels. Covering over six square miles in Swisher County, Texas, the project is among the largest renewable energy developments in the state and represents a major step forward in the expansion of Texas solar power.

Once fully operational, the Hornet Solar project is expected to generate 600 megawatts of alternating current (MWac), supplying enough electricity to power approximately 160,000 homes annually.

What Makes the Hornet Solar Project a Landmark Renewable Energy Development?

The Hornet Solar project stands out as one of the most ambitious Texas solar power initiatives due to its scale, advanced technology, and economic impact. The project features bifacial photovoltaic modules, which enhance efficiency by capturing sunlight from both sides of the panel. These modules are mounted on a single-axis tracking system, optimizing energy generation by following the sun’s movement throughout the day.

Interconnected with Oncor Electric’s transmission network within the Electric Reliability Council of Texas (ERCOT), the project will supply electricity to four corporate off-takers through individual Virtual Power Purchase Agreements (VPPAs). These agreements ensure long-term stability in energy pricing, benefiting businesses while supporting Texas’ transition to cleaner power sources.

How Is Vesper Energy Driving Texas’ Solar Power Expansion?

Vesper Energy has established itself as a key player in renewable energy development, with a proven track record of delivering over 10 gigawatts (GW) of clean energy projects worldwide. Headquartered in Irving, Texas, the company has developed a robust pipeline of more than 55 renewable energy and storage assets, with a combined generating capacity of 17 GW—enough to supply power to over two million homes.

The Hornet Solar project is one of Vesper Energy’s largest initiatives, covering 3,900 acres of privately owned land. Construction began in late 2023, and the project remains on schedule for full commercialization by spring 2025. Beyond electricity generation, the project is expected to provide significant economic benefits to local communities, including financial contributions to school districts, hospitals, and municipal services.

Why Is Texas Solar Power Critical for Energy Stability?

Texas operates under an all-in energy production model, meaning that a diverse mix of energy sources—including solar, wind, and natural gas—contributes to the state’s power supply. Texas solar power plays an increasingly vital role in maintaining grid reliability, particularly during peak demand periods when air conditioning use surges in summer months.

By harnessing abundant sunlight, the Hornet Solar project will help reduce strain on the Texas grid, mitigate price volatility, and lower reliance on fossil fuels. The integration of large-scale solar power not only strengthens energy security but also supports the state’s commitment to sustainable infrastructure development.

How Did Vesper Energy Secure Financing for the Hornet Solar Project?

In January 2024, Vesper Energy successfully closed a $590 million financing package to fund the Hornet Solar project. The deal, structured as a construction-to-term loan with a letter of credit facility, was arranged with the support of leading financial institutions. MUFG Bank Ltd., Nord/LB, Santander Corporate & Investment Banking, BayernLB, and Associated Bank played key roles in securing the investment.

Matt Curtin, Director at MUFG, emphasized the bank’s confidence in the project, stating, “MUFG is pleased to lead the financing for Vesper Energy’s largest solar project to date. This investment reflects our trust in the company’s ability to deliver impactful, large-scale clean energy solutions.”

The financing structure also leverages Production Tax Credit (PTC) transfers enabled by the Inflation Reduction Act. More than $500 million in PTCs will be monetized over the next decade, providing financial stability for the project while accelerating the transition to renewable energy. Advantage Capital and CCA Capital facilitated the PTC transfer commitment, ensuring long-term economic viability.

What’s Next for the Hornet Solar Project?

With construction led by Blattner Energy, the Hornet Solar project remains on track for completion, with commercial operations expected to begin by early 2025. Once fully operational, the project will provide a substantial boost to Texas solar power, reinforcing the state’s position as a leader in renewable energy adoption.

As energy demands continue to rise, large-scale projects like Hornet Solar are essential in diversifying Texas’ power supply, enhancing grid stability, and meeting sustainability goals. Vesper Energy’s investment in renewable energy development signals its long-term commitment to expanding clean energy infrastructure across the United States.