Vesper Energy, a prominent developer, owner, and operator of utility-scale renewable energy assets, has announced the sale of two significant PJM assets—Gaucho Solar and Nestlewood Solar—to Octopus Energy Generation. Octopus Energy Generation oversees a global portfolio valued at nearly $9 billion in green energy assets. This transaction represents Vesper Energy’s second major deal in 2024.
“Vesper Energy is excited to transition ownership of our Nestlewood and Gaucho projects to Octopus Energy Generation,” stated 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.”
Despite the sale, Vesper Energy will maintain its role as asset manager for both the Nestlewood and Gaucho sites, ensuring a smooth transition for all partners and surrounding communities.
The Nestlewood Solar project spans 610 acres in Clermont and Brown County, Ohio, and offsets power for a Fortune 100 e-commerce leader through a power purchase agreement (PPA). It is among the first utility-scale solar facilities in Ohio to be permitted, financed, and constructed, and is one of the initial U.S. sites to qualify as an energy community under the Inflation Reduction Act. The site provides on-peak power during high-demand periods and supports local employment opportunities while contributing annual tax revenues to the host counties. Additionally, Nestlewood Solar promotes biodiversity and carefully manages stormwater and vegetative growth, ensuring it remains a good neighbor in the community.
The Gaucho Solar project, covering 68 acres in Beaver County and Allegheny County, Pennsylvania, is the largest solar project in Southwestern Pennsylvania and one of the largest in Western Pennsylvania. It contributes 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.
Together, these two projects will generate 100 MWac of energy annually, sufficient to power approximately 20,000 homes.
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