As per its business model, Vesper Energy—now owned by Magnetar Capital—develops, builds and operates PV assets to energize municipalities, higher education institutes, large corporations and integrated electric utilities. (Photo Credit: Magnetar Capital)
- Magnetar Capital has acquired the US renewable energy business of Lendlease
- It has renamed the brand as Vesper Energy which was previously known as Lendlease Energy Development
- With this acquisition, Magnetar Capital has taken over 3 GW of solar and 2.5 GWh of energy storage development pipeline
US Magnetar Capital, an alternative asset manager from the US, is the successful contender that has acquired the energy development business of Australian property and infrastructure firm Lendlease in the US. It has now renamed the acquired renewable energy business unit – Vesper Energy.
For Lendlease, the strategic disinvestment of what was previously known as Lendlease Energy Development is consistent with its global strategy to recycle capital.
Having commercialized more than 680 MW of utility scale solar projects in the country, Vesper Energy develops, builds and operates PV assets that energize municipalities, higher education institutes, large corporations and integrated electric utilities.
The company currently has 3 GW of solar and 2.5 GWh of energy storage development pipeline in the country in the form of 20 ‘unique’ projects. Construction on 3 new projects of this pipeline in California, Ohio and Pennsylvania is expected to start in 2021.
“We are excited to extend Magnetar’s existing renewables franchise into the rapidly growing utility-scale solar and storage market in North America,” said co-Head of Energy and Infrastructure at Magnetar, Adam Daley. “This investment complements our existing solar portfolio companies and reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions.”