What Vesper Energy does

Vesper Energy is a private utility-scale solar and battery storage developer, owner, and operator headquartered in Irving, Texas. The company was founded in 2015 as Lendlease Energy Development, acquired by Magnetar Capital in November 2020, and rebranded to Vesper Energy; Magnetar remains the majority owner alongside a minority investment from GCM Grosvenor. Vesper develops projects using bifacial photovoltaic modules on single-axis tracking systems paired with co-located battery energy storage, with a stated pipeline exceeding 11,000 MW across more than 35 projects and 680+ MW already commercialized.

The company's footprint spans six U.S. ISO/RTO markets—CAISO, ERCOT, MISO, PJM, SPP, and WECC—with active developments including Hornet Solar, Nazareth Solar, Gaucho, Nestlewood, Juniper Creek, Bradford Solar, Axton Solar, and Deer Creek. Revenue is generated through two complementary mechanisms: long-term physical and virtual power purchase agreements (PPAs and VPPAs) with creditworthy off-takers such as Pfizer, Zoetis, Brunswick, the University of Pittsburgh, the University of Arizona, and Desert Community Energy; and periodic asset rotation sales to infrastructure investors including Octopus Energy and an unnamed Fortune 500 energy company. The Hornet Solar portfolio alone has monetized more than $500M in IRA production tax credits, illustrating the company's ability to access federal incentive programs.

In May 2026 Vesper launched a Digital Infrastructure Development practice to address data center and hyperscale power demand, signaling an intent to extend its corporate off-take base into new high-growth customer segments. The company operates with roughly 80 employees under a co-CEO leadership structure, with cumulative project and corporate financings exceeding $826M.

Name

Vesper Energy

Legal name

Vesper Energy Development LLC

Website

https://vesperenergy.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Vesper Energy is a private utility-scale solar and battery storage developer, owner, and operator headquartered in Irving, Texas, with an 11,000+ MW pipeline across six U.S. ISO/RTO markets serving corporate, higher education, municipal, and utility off-takers via PPAs and asset sales.

Ownership category

akta.pro rank

Product category

Utility-Scale Solar and Battery Storage Development

NAICS

Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA) (EUACAGAH), Utility-Scale Power Generation Asset Management (EUAEAMAA), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Utility-scale solar development
• Battery energy storage
• Renewable energy projects
• Power purchase agreements
• Solar project development

Headquarters

HQ city

Irving

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Power Purchase Agreements (PPAs) and Virtual Power Purchase Agreements (VPPAs): Long-term contracted offtake of solar energy and associated Renewable Energy Certificates/attributes at pre-agreed prices (typically 15-20+ years). Customers include corporates (Pfizer, Zoetis, Brunswick), universities (University of Pittsburgh), community choice aggregators (Desert Community Energy), and utilities. Revenue is recurring and contractual.
2. Asset sales to infrastructure investors: One-time sale of developed/operational solar assets to infrastructure funds and utilities (e.g., sale of Gaucho and Nestlewood Solar to Octopus Energy Generation in 2024; sale of Deer Creek to a Fortune 500 energy company in 2024). Vesper often retains asset management role post-sale.
3. Project-level debt and tax equity financing with PTC monetization: Project finance raised via construction-to-term loans, letter of credit facilities, revolving credit facilities, and tax equity structures. Hornet Solar monetized over $500M of Production Tax Credits under IRA transferability.
4. Asset management services: Vesper continues to provide asset management services for projects after sale to third-party owners (e.g., Nestlewood and Gaucho post-Octopus sale).

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Vesper Energy develops, finances, owns, and operates utility-scale solar and battery storage projects across the United States. The company delivers clean electricity to corporate, educational, municipal, and utility off-takers through long-term Power Purchase Agreements (PPAs) and Virtual Power Purchase Agreements (VPPAs), and monetizes projects through sales to infrastructure investors while often retaining asset management responsibilities. Its portfolio includes the operating 600 MWac Hornet Solar project in Texas and an 11,000+ MW development pipeline spanning six U.S. grid regions.

Product overview

Vesper Energy operates as a unified platform for utility-scale renewable energy project development, ownership, and operation across the United States, rather than a modular software product. The core offering is a portfolio of solar and battery storage projects developed, financed, built, and operated by Vesper, anchored by the flagship Hornet Solar (600 MW) operating in Texas and the 201 MW Nazareth Solar project under construction in Texas. The portfolio also includes the operating Gaucho Solar and Nestlewood Solar projects (now sold to Octopus Energy Generation, with Vesper retaining asset management), plus the proposed Bradford Solar, Axton Solar, Juniper Creek Energy Storage, and the formerly owned Deer Creek Solar + Storage project. The platform's growth is funded through tax equity, project finance, and corporate credit facilities (Macquarie, Helaba, ICBCS, MUFG, BayernLB, and others), supported by long-term PPAs and VPPAs with off-takers such as the University of Pittsburgh, Pfizer, Zoetis, Brunswick, and Desert Community Energy. Vesper's active development pipeline of 11,000+ MW across CAISO, ERCOT, MISO, PJM, SPP, and WECC sits behind these named projects and is the engine from which future individual projects like Nazareth Solar are originated.

Differentiator

Problem solved

Functional benefit

Products and services

• Hornet Solar 600 MWac / 745 MWdc utility-scale solar project in Swisher County, Texas, with bifacial PV modules on single-axis trackers, agrivoltaics sheep grazing, and power sold to four off-take partners via long-term PPAs.
• Nazareth Solar 201 MW utility-scale solar project in Swisher County, Texas, expected to power approximately 53,000 homes annually and generate $34 million in long-term tax revenue.
• Deer Creek Renewable Energy Project Solar and storage project on 378 acres in Tulare County, California, with up to 50 MWac solar and up to 50 MW of battery storage, contracted to Desert Community Energy via a 20-year PPA.
• Juniper Creek Energy Storage Proposed 200 MW battery energy storage facility on nearly 6 acres adjacent to the SMUD Cordova substation in Rancho Cordova, California.
• Bradford Solar Proposed 100 MW utility-scale solar project on approximately 800 acres in Bradford County, Pennsylvania, expected to power more than 10,000 Pennsylvania homes annually.
• Axton Solar 200 MW ground-mounted solar project on approximately 1,100 acres in Henry County and 1,423 acres in Pittsylvania County, Virginia, expected to power approximately 20,000 homes annually.
• Asset Management Services Ongoing asset management of operational solar and storage projects on behalf of third-party owners (e.g., Nestlewood and Gaucho post-Octopus sale).
• Long-term PPA and VPPA Offtake Contracts Long-term (15-20+ year) Power Purchase Agreements and Virtual Power Purchase Agreements delivering solar energy and Renewable Energy Certificates to corporate, education, and utility off-takers.

Quantifiable outcome

• 11,000+ MW pipeline across 35+ projects in CAISO, ERCOT, MISO, PJM, SPP, and WECC (enough to power 2 million+ homes)
• +6 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered flagship, minor and core.

• Blattner EnergyflagshipImplementation/ SI/ Consulting Partner · 15 September 2023Blattner Energy is the EPC contractor constructing the Hornet Solar project for Vesper Energy. Construction began Fall 2023.
• Eversheds SutherlandminorImplementation/ SI/ Consulting Partner · 13 September 2023Legal advisor to Vesper Energy and Magnetar Capital on the GCM Grosvenor transaction.
• Allen & OveryminorImplementation/ SI/ Consulting Partner · 13 September 2023Legal advisor to GCM Grosvenor on the Vesper Energy minority stake acquisition.
• Boviet Solar Technology Co. Ltd.coreStrategic or Co-development Partner · 26 September 2022Boviet Solar and Vesper Energy entered an 861-Megawatt PV Module Master Supply Agreement using Boviet's Vega Series Mono-Bifacial PERC PV modules for Vesper's near-term portfolio projects in Texas and Ohio (totaling 680 MWac).
• PJM InterconnectioncoreStrategic or Co-development Partner · 29 June 2022Vesper Energy was approved for PJM associate membership in June 2022, enabling it to participate in PJM stakeholder processes and shape policy. PJM coordinates electricity across 13 states and DC.
• Oncor ElectriccoreStrategic or Co-development PartnerOncor Electric operates the transmission system in ERCOT to which the Hornet Solar project is interconnected in Texas.
• Duquesne Light CompanyminorStrategic or Co-development PartnerGaucho Solar project in Pennsylvania interconnects to Duquesne Light Company's transmission system in PJM.

Scale indicators15 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Avantus (formerly 8minute Solar Energy): Private utility-scale solar and storage developer with a multi-GW U.S. development pipeline and similar long-term PPA origination strategy. PE-backed (EIG) and one of the closest direct analogues to Vesper in scale, business model, and offtake mix.
• Invenergy: Privately-held, Chicago-based utility-scale renewable energy and storage developer/operator/owner. Comparable vertically-integrated model and long-term corporate and utility offtake focus; substantially larger pipeline than Vesper.
• Longroad Energy: U.S. utility-scale solar, wind, and storage developer and operator; PE-backed. Closely comparable development/finance/sell model with similar reliance on tax equity and corporate offtake.
• Hecate Energy: U.S.-based developer of utility-scale solar and battery storage projects with multi-GW pipeline and similar corporate PPA origination. Comparable size and stage.
• Clearway Energy Group: Public yieldco (NYSE: CWEN) operating a large U.S. utility-scale renewable and storage portfolio. Highly comparable operating model and PPA-heavy revenue mix; provides a public-market reference point for Vesper's owned-and-operated economics.
• Lightsource bp: Global utility-scale solar developer and operator with a major U.S. footprint. Similar end-to-end development-to-asset-management model and large-scale corporate offtake origination.

Emerging players

• ib vogt: Germany-based global utility-scale solar developer with growing U.S. pipeline. Comparable project scale and developer/seller orientation though earlier in U.S. market penetration than Vesper.

Broad incumbents

• EDF Renewables North America: U.S. subsidiary of EDF with utility-scale solar, wind, and storage development. Competes for the same corporate and utility offtake as Vesper but as part of a much larger diversified parent (EDF) portfolio.
• NextEra Energy Resources: Largest U.S. renewable energy developer (subsidiary of NextEra Energy). Operates across PJM, ERCOT, CAISO, MISO, SPP — directly overlapping Vesper's geographies — and is the dominant price-setter in corporate PPA markets.
• ENGIE North America: U.S. arm of global utility ENGIE with utility-scale renewable generation and storage. Competes for the same corporate offtake and development sites as Vesper but as part of a globally diversified utility portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vesper-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds8 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vesper Energy