Lendlease sells renewable energy business to Magnetar Capital

Lendlease, an international property and investment group, announced that Magnetar Capital, an alternative asset manager, has acquired Lendlease’s energy development business. The acquired company will rebrand itself as Vesper Energy. CEO Craig Carson and an experienced management team will lead Vesper Energy from its headquarters in Dallas.

“This divestment is consistent with our global strategy to recycle capital and focus on the delivery of our $80 billion pipeline of development projects across the world,” said Denis Hickey, CEO of Lendlease Americas. “Growing a successful renewable energy business in the U.S. 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.”

The acquired business is a leading developer of utility scale solar and energy storage projects across the U.S. Since its founding in 2015, it has commercialized over 680 MW of energy projects. Vesper Energy has an existing 3 GW solar and 2.5 GWh energy storage development pipeline across the U.S., encompassing 20 unique projects. Its customers include investor owned utilities, corporates, municipalities and higher education institutions.

Marathon Capital acted as financial advisor and Perkins Coie LLP acted as legal advisor to Lendlease.

News item from Lendlease

<!–
–>
Original Source: https://www.solarpowerworldonline.com/2020/11/lendlease-sells-renewable-energy-business-to-magnetar-capital/