Declan Flanagan, former CEO of Orsted Onshore, has launched a renewables investment platform called Bluestar Energy Capital with an initial capital of US$100 million.
Bluestar’s first phase of its business plan will focus in early-stage development projects, with the possibility to invest in construction and operations projects further down the line.
After closing the funding round, the new company established its first two regional development platforms in North America (Nova Clean Energy) and Australia (Bluestar Energy Australia), with plans also in the works to develop another renewables investment platform in Europe.
Nova will focus on greenfield development projects with possible mergers and acquisitions in solar, wind and storage. The Australian branch will primarily focused its pipeline in wind projects with plans for further additions in solar and storage.
“We have structured Bluestar as a portfolio of distinct regional platforms based on the conviction that successful project development is a very local business. Success is about empowering regional leadership while bringing global scale and an owner’s attention to detail in managing project and market risk,” said Flanagan.
The company has made several hires of former Orsted Onshore executives, with Dennis Meany elected president and board member of Bluestar, while Jenn Goodwillie has been appointed as head of development at Nova, to name but a few.
Among the investors of Bluestar are investment firms S2G Ventures and Great Bay Renewables, with each company landing a seat on the board of directors.