Texas keeps piling on solar projects as electricity demand surges on the ERCOT grid – and now another massive one is moving ahead.
Vesper Energy today said it closed $236 million in financing for its 201 MW Nazareth Solar project in Swisher County, Texas. The solar farm will connect to the ERCOT grid as Texas races to add more generation to keep up with rapidly rising load growth.
Construction is expected to begin in June 2026, and the project is scheduled to come online in fall 2027.
Nazareth Solar will sit on more than 2,400 acres of private land and generate enough electricity to power around 53,000 homes annually. The project will neighbor Vesper’s Hornet Solar (pictured above), another large solar farm the company developed.
ERCOT faces growing demand from population growth, industrial expansion, and power-hungry data centers. And despite political attacks on renewables, solar continues getting built in this red state because it’s one of the fastest and cheapest ways to add new electricity to the grid.
Vesper says the project will bring new tax revenue to local schools, infrastructure, and emergency services, along with construction jobs and long-term operations roles. Participating landowners are also expected to receive long-term lease income from the solar farm.
The $236 million financing package includes a construction-to-term loan and a letter-of-credit facility. MUFG led the financing group alongside Associated Bank and Bayern LB.
Funds managed by GCM Grosvenor are expected to provide most of the project’s equity financing, and the Development Bank of Japan also participated in the investment.
Read more: One of North America’s largest solar farms just came online in Texas
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