Vesper Energy said that biopharmaceutical company Pfizer signed a 15-year virtual power purchase agreement (VPPA) for at least 310 MW of solar energy, effectively powering all of the projected power needs of its North American operations.
The solar energy will be generated from Vesper’s 500 MW Hornet Solar project in west Texas, which will be fully operational by the end of 2023. The project will use solar panels from an unnamed supplier and a single-axis tracking system. Hornet Solar will interconnect to Oncor Electric’s transmission system in ERCOT, the Texas transmission grid.
Based near Dallas, Vesper Energy is a developer, owner, and operator of utility-scale renewable energy and energy storage assets. It has commercialized more than 680 MW of solar projects in the U.S. and has a 3 GW solar and 2.5 GWh energy storage development pipeline. Vesper Energy started as Lendlease Energy Development in 2015 and rebranded as Vesper Energy in 2020 after Magnetar Capital partnered with management to acquire the business.
In November 2020 it closed a letter of credit facility with Macquarie Group for up to $100 million. The company said it would use the facility to post securities for power purchase agreements and interconnection agreements with energy transmission networks like PJM, CAISO, and ERCOT.
In June, the company expanded the letter of credit facility to $140 million. It added two banks to its facility, Landesbank Hessen-Thüringen Girozentrale and ICBC Standard Bank Plc.
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