Magnetar Capital secures 3GW US solar pipeline through Lendlease deal

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: IRENA.

A US development pipeline consisting of 3GW solar and 2.5GWh of energy storage has changed hands as asset manager Magnetar Capital acquires the renewable energy business of Lendlease.

Founded by the property and investment group in 2015, the purchased green energy unit has commercialised more than 680MW of US solar facilities to date and has a pipeline of 20 projects. Its current customers include municipalities, higher education institutions, corporations and integrated electric utilities.

The business, which has now been renamed Vesper Energy, plans to begin construction on three new PV projects next year in California, Ohio and Pennsylvania.

Vesper Energy CEO Craig Carson said the company has the team, assets and partnerships in place “to be a leader in North America's transformation to a clean energy future”.

Adam Daley, co-head of Energy and Infrastructure at Magnetar, said the investment complements the firm’s existing solar portfolio companies and “reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions”.

Over the last 15 years, Magnetar's Energy and Infrastructure Group has committed over US$6 billion across more than 60 private energy, infrastructure and renewables investments in North America. A portfolio of Magnetar’s UK solar assets in excess of 300MW was sold in 2017 to Rockfire Capital.

Read Next

December 2, 2021
Enel Green Power has named Paolo Romanacci as the new head of its North America division, overseeing all renewables activities in the US and Canada.
December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 30, 2021
JinkoSolar has slashed its shipments guidance for the year, reducing its top end guidance by more than 5GW as it blamed ongoing logistics issues and port blockages.
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 30, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar has raised US$150 million through a share offering, with proceeds set to help the manufacturer expand its energy storage arm.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal