Vesper Energy has secured $236m in debt financing for its 201MW Nazareth Solar project in Swisher County, Texas, US.

The project aims to enhance grid stability and supply consistent, cost-effective electricity to the Electric Reliability Council of Texas grid.

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The Nazareth Solar project will occupy more than 2,400 acres of private land.

According to the company, it is expected to generate enough electricity to power around 53,000 homes each year.

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

Construction of Nazareth Solar is scheduled to start in June 2026, with the goal of reaching commercial operation by autumn 2027.

The financing package consists of a construction-to-term loan and a letter of credit facility.

MUFG acted as the sole coordinating lead arranger, bookrunner and administrative agent for the deal. Associated Bank and Bayern participated as joint lead arrangers.

The majority of the project’s equity funding is expected to come from funds overseen by GCM Grosvenor, with the Development Bank of Japan also involved in the investment.

GCM Grosvenor managing director Matthew Rinklin said: “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 US.

“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 US electricity demand.”

Once operational, the solar facility will generate tax revenue for local schools, infrastructure and emergency services.

The company also expects the project to create roles during the construction phase and offer long-term employment opportunities.

The Nazareth Solar site will be adjacent to the existing 600MW Hornet Solar project. Work on that site began in autumn 2023 and it became fully operational in April 2025.

Hornet Solar covers 3,900 acres of private land in Swisher County.