Cision PR Newswire

IRVING, Texas, Nov. 13, 2024 /PRNewswire/ -- Vesper Energy is pleased to announce the successful refinancing of its Letter of Credit Facility (the "LC Facility") with Macquarie Group ("Macquarie") and ICBC Standard Bank Plc ("ICBCS"). The facility, led and arranged by Macquarie's Commodities and Global Markets business, now includes a new $50 million revolving credit component designed to support Vesper Energy's growth and provide operational flexibility in developing renewable energy projects.

In addition to providing letters of credit to support financial security requirements under off-take and interconnection agreements, the two-year renewed facility will allow Vesper Energy to fund essential development needs across various categories, including equipment procurement, real estate acquisitions, and security deposits. This enhancement will help Vesper further fund and advance its development portfolio.

"The newly enhanced credit facility underscores our commitment to advancing Vesper Energy's development portfolio while creating significant value for our investors," said Mark Rostafin, Co-CEO at Vesper Energy. "The support from Macquarie and ICBCS empowers us to achieve greater flexibility and resilience as we continue to drive the energy transition."

"We are pleased to provide this LC facility, extending our existing relationship with Vesper Energy, a leading and innovative company supporting the energy transition, and with its equity sponsors - Elda River, Magnetar, and GCM Grosvenor," commented Sherri Brudner, Managing Director in Macquarie's Commodities and Global Markets business. "Vesper Energy continues to develop high-quality assets designed to address society's energy challenges, and this financing further equips Vesper Energy to advance that goal."

"ICBC Standard Bank is delighted with our continued partnership with Vesper Energy in support of its ambitious growth plan in delivering high quality renewable generation capacity. This is another demonstration of our long-term commitment in powering America and in the transition towards a greener future," commented John Xu, Head of Energy Commodities Business.

This expanded credit facility marks another milestone in Vesper Energy's growth as a leading renewable energy developer. It positions the company to respond effectively to market demands and quickly capitalize on new opportunities in the renewable energy landscape.

About Vesper Energy
Vesper Energy provides innovative solutions to today's complex energy challenges. Headquartered in Irving, Texas, Vesper Energy is comprised of professionals who have collectively delivered more than 10 GW of renewable energy projects globally. Today, Vesper Energy's development pipeline includes over 55 renewable energy and energy storage assets with a generating capacity of 17 GW— enough to power more than 2 million homes. Working with their customers, communities, and business partners, Vesper Energy develops, owns, and operates renewable energy projects across the United States with the goal to build better energy infrastructure. www.vesperenergy.com/about

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SOURCE Vesper Energy