Developer, owner and operator of utility-scale renewable energy assets, Vesper Energy has closed a new letter of credit (L/C) facility with Macquarie Group for up to US$100 million.

The L/C facility will enable the US-based renewables developer to fast-track the development of its current 3 gigawatt (3GW) solar and 2.5GW per hour energy storage pipeline in North America.

L/C benefits

Vesper says it will use the L/C facility to cost-effectively post securities for power purchase agreements and interconnection agreements with energy transmission networks.

"This credit facility will better enable us to provide innovative solutions for the development of our solar and energy storage pipeline", according to the company's CEO, Craig Carson.

Energy pipeline

Since 2015 when Vesper was founded it has commercialised over 680 megawatts of utility-scale solar projects in the US.

Its existing pipeline encompasses 20 unique solar and energy storage projects and it plans to begin construction on three new sites in California, Ohio and Pennsylvania in 2021.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.