Vesper Energy, a U.S.-based utility-scale solar and battery storage project developer, has reached financial close on $236 million in debt financing for its 201 MW Nazareth Solar project in Swisher County, Texas.

The financing package includes a construction-to-term loan and a letter of credit facility. MUFG acted as the sole coordinating lead arranger, bookrunner, and administrative agent. Associated Bank and Bayern LB served as joint lead arrangers.

“Closing financing on Nazareth Solar is Vesper Energy’s next exciting step in Swisher County,” said Juan Suarez, Co-CEO of Vesper Energy. “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.”

The project will be built on more than 2,400 acres of private land and is located near Vesper Energy’s Hornet Solar project. Construction is expected to begin in June 2026, and commercial operations are targeted for fall 2027. Once operational, it is expected to supply electricity to the Electric Reliability Council of Texas grid.

Funds managed by GCM Grosvenor are expected to provide most of the project’s equity capital. The Development Bank of Japan also participated in the investment.

Vesper Energy said the project will contribute tax revenue to local schools, infrastructure, and emergency services. The company also said Nazareth Solar will create construction jobs and long-term operations roles, provide income to participating landowners, and support local businesses.

In 2024, the company sold two PJM assets, the Gaucho Solar and Nestlewood Solar projects totaling 100 MW capacity, to Octopus Energy Generation, a renewable energy asset management firm. In 2024, Vesper Energy also secured $590 million in debt financing for the 600 MWac/745 MWdc Hornet solar project in Texas.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the same period in 2025.