Discover our upstream and downstream technical journals
Image: IRENA.

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.

Tags: us, utility-scale solar, utility-scale storage, magnetar capital, vesper energy, lendlease, investment

Upcoming Webinars

Seraphim and SMA Solar: Small changes, big accomplishments for utility-scale PV projects

Jan 14, 2021

Join PV module manufacturer Seraphim and major inverter manufacturer SMA Solar in this PV Tech TechTalk webinar, intended to provide a professional analysis of Seraphim’s 182mm ‘S4 Series’ large-area, high-performance, p-type monocrystalline PERC half-cell module for utility-scale PV power plants. SMA Solar will provide insight into the inverter options and benefits that maximise plant performance in the new era of large-area modules.

Register now

Upcoming Webinars

Subsidy Free UK Solar Deployment at Utility Scale

Dec 15, 2020 GMT

Hear from market leaders experienced with delivering the largest projects and portfolios in the UK. Understand the challenges they face bringing NSIP (Nationally Significant Infrastructure Project) projects and multi-GW portfolios to shovel ready stage and hear their perspectives on the continued growth of UK solar and the construction boom expected over the next few years.

Register now