Vesper Energy’s Hornet Solar project in the Texas panhandle will soon become operational.
The 600 MWac, 745 MWdc project sits on 3,800 acres in Swisher County and interconnects to Oncor Electric’s transmission system in ERCOT. The project is contracted to provide power to a Fortune 100 company and three other offtakers through individual power purchase agreements (PPA). Vesper declined to disclose the names of the companies.
The project includes:
- More than 1.36 million bifacial solar modules made by Boviet;
- Array Technology’s Duratrack HZ V3 single-axis tracking system; and
- 195 of Sungrow’s 3600 inverters.
Vesper also said the project uses a pollinator mix on site. Going pollinator-friendly can boost the output of an installation and help them work more efficiently by decreasing the ground temperature, improve water and soil quality, and lower site maintenance costs.
(Read: Best practices for planting a pollinator-friendly solar project)
The project will monetize more than $500 million of production tax credits over 10 years. The $590 million debt financing package consists of a construction-to-term loan and letter of credit facility. Vesper reports that $500 million in production tax credits will be monetized and leveraged by the loan facility through a purchase commitment arranged by Advantage Capital.
The project began construction in Fall 2023 and employed 430 people at its peak. Throughout the project’s 40-year lifespan, Hornet Solar is projected to contribute $25.7 million to Swisher County, $5.4 million to Lateral Road, about $12 million to the Swisher Memorial Hospital District and $61 million to the Tulia Independent School District, Vesper said.
While Vesper reports that this project was not met with much local opposition in Texas, a state with overwhelming support for solar, Vesper is currently at the center of a pivotal case in Ohio that challenges the balance of power between local counties and statewide energy policies. After going before the Ohio Supreme Court March 13, Vesper awaits what will likely be a landmark decision that determines the extent to which local opposition can influence statewide energy policies.
Headquartered in Irving, Texas, Vesper Energy has more than 55 renewable energy and energy storage assets in its development pipeline with a generating capacity of 17 GW. Vesper Energy develops, owns, and operates renewable energy projects across the United States.
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