Vesper Energy Closes $236 Million Financing for 201 MW Nazareth Solar
The project will complement the existing 600 MW Hornet Solar, reinforcing Swisher County as a hub for responsible energy development and long-term economic investment
TULIA, Texas, June 1, 2026 /PRNewswire/ -- Vesper Energy announced today the closing of $236 million in financing for its 201-megawatt Nazareth Solar project in Swisher County, TX. The project will support grid stability and deliver reliable, affordable power to ERCOT.
"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."
Spanning over 2,400 acres of private land, the project will generate enough electricity to power approximately 53,000 homes annually. Building on the success of the adjacent Hornet Solar project, Nazareth Solar continues Vesper Energy's commitment to long-term investment and partnership in the region.
Once operational, Nazareth Solar will contribute new tax revenue to local schools, infrastructure, and emergency services, while creating construction jobs and long-term operations roles. The project will also provide stable, predictable income for participating landowners and continued economic activity for local businesses.
Vesper Energy secured a $236 million debt financing package for Nazareth Solar, consisting of a construction-to-term loan and a letter of credit facility. The bank group includes MUFG as the Sole Coordinating Lead Arranger, Bookrunner, and Administrative Agent, and Associated Bank and Bayern LB as the Joint Lead Arrangers.
"We are pleased to support Vesper Energy in the financing of Nazareth Solar," said Matt Curtin, Managing Director at MUFG Bank Ltd. "This transaction reflects our confidence in Vesper's ability to deliver high-quality energy infrastructure and underscores our commitment to supporting projects that enhance grid reliability and expand domestic energy supply."
Funds managed by GCM Grosvenor are expected to provide the majority of the project's equity capital. Development Bank of Japan Inc. ("DBJ") also participated in the investment.
"Nazareth Solar represents another important milestone in our partnership with Vesper Energy and reflects the growing need for scalable and reliable power infrastructure across the U.S.," said Matthew Rinklin, Managing Director at GCM Grosvenor. "Vesper's execution capabilities and established development platform position us well to invest in infrastructure serving what we believe is a sustained step-change in U.S. electricity demand."
"We are pleased to support the Nazareth Solar alongside our partners. This investment aligns with our mission to advance essential infrastructure and contribute to long-term sustainability," said Shunsuke Motai, General Manager at DBJ.
Construction on Nazareth Solar is expected to begin in June 2026, with commercial operation targeted for Fall 2027.
About Vesper Energy
Vesper Energy develops, owns, and operates utility-scale solar and battery storage projects across the United States, building reliable power infrastructure for the businesses and communities that depend on it. Headquartered in the greater Dallas area, Vesper's team has collectively delivered energy projects across all U.S. markets. Today, Vesper's active development pipeline spans 11,000+ MW across 35+ projects in CAISO, ERCOT, MISO, PJM, and WECC. www.vesperenergy.com
About GCM Grosvenor
GCM Grosvenor (NASDAQ:GCMG) is a global alternative asset management solutions provider with approximately $91 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.
GCM Grosvenor's experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.
About Development Bank of Japan Inc.
Development Bank of Japan Inc. (DBJ) is a government-owned financial institution headquartered in Tokyo, Japan. DBJ provides long-term financing and investments to support economic and social development. Guided by its mission to "Design the Future with Financial Expertise" DBJ focuses on key areas such as infrastructure development and the transition toward a carbon-neutral society.
CONTACTS:
Eliza Rosenthale, eliza@princetonsc.com, (609) 558-3330
Aimee Brooks, aimee@princetonsc.com, (973) 204-1339
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SOURCE Vesper Energy