Vesper Energy has secured $236 million in financing for its 201-megawatt (MW) Nazareth Solar project in Swisher County, Texas, marking a significant milestone in the development of the utility-scale solar facility. The project is expected to strengthen electricity supply within the Electric Reliability Council of Texas (ERCOT) market while providing reliable, affordable renewable energy to thousands of homes across the region.
Located on more than 2,400 acres of privately owned land, Nazareth Solar is designed to generate enough electricity to power approximately 53,000 homes each year. The project builds on the success of Vesper Energy’s nearby Hornet Solar facility and reflects the company’s continued commitment to expanding renewable energy infrastructure in West Texas.
According to Juan Suarez, Co-Chief Executive Officer of Vesper Energy, the financing close represents another important step forward for the company’s growing presence in Swisher County. He noted that Vesper’s experience developing projects in the region has demonstrated the long-term value that well-planned energy infrastructure can deliver to both local communities and the broader power grid.
Suarez added that Nazareth Solar will support dependable electricity generation for Texas while creating lasting economic benefits and stable income opportunities for participating landowners.The financing package includes a construction-to-term loan as well as a letter of credit facility, providing the capital needed to advance the project through construction and into operation.
The financing was arranged by a consortium of financial institutions led by MUFG, which served as the Sole Coordinating Lead Arranger, Bookrunner, and Administrative Agent. Associated Bank and BayernLB participated as Joint Lead Arrangers.Matt Curtin, Managing Director at MUFG Bank Ltd., said the bank is pleased to support Vesper Energy in bringing the project forward.
He stated that the transaction reflects confidence in Vesper’s ability to successfully develop and operate large-scale energy infrastructure projects while contributing to grid reliability and expanding domestic energy supply.In addition to debt financing, the project is expected to receive the majority of its equity funding from funds managed by GCM Grosvenor.
Development Bank of Japan Inc. (DBJ) also participated in the investment, further strengthening the financial foundation of the project.Matthew Rinklin, Managing Director at GCM Grosvenor, described Nazareth Solar as another important milestone in the firm’s partnership with Vesper Energy. He noted that growing electricity demand across the United States is increasing the need for scalable and dependable power infrastructure.
According to Rinklin, Vesper’s proven project development capabilities and established platform make it well-positioned to deliver infrastructure that supports the evolving energy needs of the country.Shunsuke Motai, General Manager at DBJ, emphasized that the investment aligns with the organization’s objective of supporting critical infrastructure projects while contributing to long-term sustainability goals.
He expressed confidence in the project’s ability to deliver meaningful benefits for both the energy sector and local communities.Beyond its contribution to renewable energy generation, Nazareth Solar is expected to provide a range of economic benefits to Swisher County and surrounding areas. Once operational, the project will generate new tax revenues that can support local schools, public infrastructure, and emergency services.
The development will also create construction employment opportunities during the build phase, followed by long-term operational jobs once the facility enters service.The project is additionally expected to provide predictable, long-term income for participating landowners through land lease agreements, while supporting local businesses through ongoing economic activity associated with construction and operations.
Construction on the Nazareth Solar project is scheduled to begin in June 2026, with commercial operations expected to commence in the fall of 2027. Once completed, the facility will further strengthen Texas’ growing renewable energy portfolio and contribute to meeting rising electricity demand across the ERCOT region while supporting grid reliability and long-term energy security.
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