Hornet Solar Project in Texas, the US, is the flagship energy project of utility-scale renewable energy project developer Vesper Energy.
The construction of the 600MWac/ 745MWdc solar project began in 2023. The company announced the closing of financing for the project in January 2024.
Vesper Energy announced the installation of its one-millionth solar panel in December 2024. The final module for the solar farm was put in place in January 2025.
A ribbon-cutting ceremony held in April 2025 marked the official commencement of commercial operations.
The Hornet Solar Project delivered key economic benefits to the local region. It generated over 300 construction jobs and is expected to provide substantial tax revenue to public services. Beneficiaries will include the Tulia Independent School District with an estimated $61m, Swisher County with $25m, and the Swisher Memorial Hospital District with $12m.
The facility now supports around four long-term positions after becoming operational.
Hornet Solar Project Development
As a large-scale renewable energy facility, the Hornet Solar Project is located on 3,800 acres in Swisher County, Texas.
The project utilises solar photovoltaic technology mounted on a single-axis tracking system, with panels following the sun’s path throughout the day to maximise energy generation.
Overall, the solar farm has more than 1.36 million solar modules installed across an area of more than six square miles.
According to Vesper Energy, the project has minimal impact on the underlying land. Grading and soil compaction are limited, the topsoil is preserved, and drainage systems are either maintained or reengineered for effective water management.
Hornet Solar can generate approximately 1.673 megawatt-hours (MWh) of electricity annually, enough to offset the use of roughly 865,208 tonnes of coal.
The ancillary infrastructure includes 64.3 miles of medium-voltage AC cable—stretching the distance from Tulia, Texas, to just north of the Lubbock airport; and 20 miles of access roads.
There are also 12 stations to provide weather data.
The electricity produced by Hornet Solar is delivered to the Texas grid via an interconnection with Oncor Electric’s transmission system, operating within the ERCOT (Electric Reliability Council of Texas) market.
The renewable energy from the facility is sold through Power Purchase Agreements (PPAs) with four separate off-take partners.
By providing locally produced renewable energy, the solar project is expected to support grid reliability and help stabilise energy prices.
Financing
In June 2024, Vesper Energy finalised a $590m debt financing package for the Hornet Solar Project in Swisher County. The financing includes a construction-to-term loan and a letter of credit facility.
The bank syndicate was led by MUFG Bank, Nord/LB, and Santander Corporate & Investment Banking as coordinating lead arrangers, with BayernLB acting as joint lead arranger and Associated Bank participating as a lender.
The financing structure leverages the transfer of production tax credits (PTCs) made available under the Inflation Reduction Act. Through a purchase commitment arranged by Advantage Capital, over $500m in PTCs will be monetised and used to support the loan facility. Vesper Energy received advisory support from CCA Capital in the sourcing and structuring of the PTC transfer arrangement.
Contractor Involved
Blattner Energy, a US-based engineering, procurement and construction (EPC) company, built the Hornet Solar project.
About Vesper Energy
Vesper Energy is a renewable energy developer based in the greater Dallas area. The company was founded in 2015 as Lendlease Energy Development and rebranded as Vesper Energy in 2020 following its acquisition by Magnetar Capital. According to the company website, it has collectively delivered more than 10GW of renewable energy projects globally.
Vesper Energy’s portfolio includes over 49 renewable energy and storage projects under development, with a combined generating capacity of 16GW. This capacity is estimated to be sufficient to power more than 2 million homes.
In addition to the Hornet Solar Project in Texas, the company’s projects include the 400MW Firefly Solar project in Pennsylvania; the 200MW Axton Solar project in Virginia; the 100MW Bradford Solar project in Pennsylvania; and the 200MW Juniper Creek Energy Storage project in California.
