Magnetar Capital has invested an undisclosed amount to buy Lendlease鈥檚 US renewable energy business.
The $12bn (鈧�10bn) alternative asset manager, in partnership with Lendlease鈥檚 Dallas-based leadership team, has bought the North American renewable energy development business and rebranded the acquired company as Vesper Energy.
Founded in 2015, Vesper Energy has commercialised over 680MW of solar projects in the US and has an existing 3GW solar and 2.5 GWh energy storage development pipeline.
Craig Rohr, managing director at Magnetar Capital, said: 鈥淢agnetar is excited to partner with Vesper Energy to support its continued growth and long-term plans to play a key role in the buildout of renewable power and energy storage infrastructure across North America.鈥�
Adam Daley, co-head of energy and infrastructure at Magnetar Capital said: 鈥淲e are excited to extend Magnetar鈥檚 existing renewables franchise into the rapidly growing utility-scale solar and storage market in North America.
鈥淭his investment complements our existing solar portfolio companies and reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions.鈥�
Vesper Energy CEO Craig Carson, said: 鈥淲e鈥檙e thrilled to partner with Magnetar to strategically grow our renewables business across the US and shape Vesper Energy鈥檚 strategy as a standalone company.
鈥淲e have the right team, high-quality renewable energy assets, and client and community partnerships in place to be a leader in North America鈥檚 transformation to a clean energy future.鈥�
Denis Hickey, CEO of Lendlease Americas, said this divestment is in line with Lendlease鈥檚 global strategy to recycle capital and focus on the delivery of the company鈥檚 $80bn pipeline of development projects across the world.
鈥淕rowing a successful renewable energy business in the US has been rewarding, and we are glad to see it now in a position where it can continue to grow and flourish as the industry evolves.鈥�
This energy business sale follows the recent announcement that Lendlease, as part of its broader capital strategy, sold its US telecommunications platform to Apollo Global Management.
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