Vesper Energy closes USD 100m letter of credit facility
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Vesper Energy, formerly part of Australia's Lendlease Group (ASX:LLC), on Monday said it has signed a letter of credit facility for up to USD 100 million (EUR 84m) with Macquarie Group (ASX:MQG).
The facility will enable Vesper Energy, which is owned by Illinois-based hedge fund Magnetar Capital, to step up the development of a pipeline that includes 3 GW of solar and 2.5 GWh of energy storage projects. The company has secured the facility with its existing solar and energy storage assets.
Vesper Energy will use the funds to post securities for power purchase agreements (PPAs) and interconnection agreements for future projects.
The company plans to start construction of three projects in California, Ohio and Pennsylvania in 2021. It has already commercialised more than 680 MW of solar projects in the country.