Magnetar Capital secures 3GW US solar pipeline through Lendlease deal

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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.

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