Vesper Energy Completes Sale of Gaucho and Nestlewood Solar Projects to Octopus Energy Generation

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Jun 18, 2024, 13:47 ET

Solar projects estimated to generate 100 MWac energy annually in Pennsylvania and Ohio

IRVING, Texas, June 18, 2024 /PRNewswire/ -- Vesper Energy, a developer, owner and operator of utility-scale renewable energy assets, announced today the sale of two PJM assets, Gaucho Solar and Nestlewood Solar, to Octopus Energy Generation. Octopus Energy Generation manages a global portfolio of nearly $9 billion of green energy assets. This marks Vesper Energy's second major transaction in 2024.

"Vesper Energy is excited to transition ownership of our Nestlewood and Gaucho projects to Octopus Energy Generation," said Mark Rostafin, Co-CEO of Vesper Energy. "Our partnership exemplifies growing investor confidence in renewable energy developments and supports our organizations' shared mission to advance a clean, reliable energy infrastructure."

Vesper Energy will continue to serve as asset manager for both the Nestlewood and Gaucho sites, ensuring a seamless transition for its partners and surrounding communities.

The Nestlewood Solar project is located on 610 acres in Clermont and Brown County, Ohio and offsets power for a Fortune 100 e-commerce leader as part of a purchase power agreement (PPA). It is one of the first utility-scale solar facilities permitted, financed and constructed in Ohio and is one of the first U.S. sites to qualify as an energy community under the Inflation Reduction Act. The site provides on-peak power during the high-demand period of midday and late afternoon.

Nestlewood Solar also contributes to the local community, supporting employment opportunities throughout the region and state and providing annual tax revenues to the host counties. Furthermore, the project promotes biodiversity while continually monitoring and managing stormwater and vegetative growth. All these efforts ensure Nestlewood is a good neighbor in the community.

The Gaucho Solar project is located on 68 acres in Beaver County and Allegheny County, PA. Gaucho Solar is the largest solar project in Southwestern Pennsylvania to date — and one of the largest solar projects in Western Pennsylvania. Gaucho Solar contributes daily to the University of Pittsburgh's sustainability and climate action goals with approximately 55,000 solar panels generating electricity just 25 miles from the Pittsburgh campus.

Combined, the two projects will generate 100 MWac of energy annually, enough to power approximately 20,000 homes.

Learn more about the Gaucho Solar and Nestlewood Solar projects at www.vesperenergy.com.

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 a better energy infrastructure. www.vesperenergy.com/about

SOURCE Vesper Energy