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Magnetar Extends Renewables Portfolio through Acquisition of Vesper Energy

Vesper Energy’s experienced leadership team and high-quality solar and storage assets will drive growing renewable energy generation across the U.S.

EVANSTON, IL – November 16, 2020 – Alternative asset manager Magnetar Capital today announced its acquisition of international property and investment group Lendlease’s renewable energy business unit. The acquisition was completed in partnership with Lendlease’s Dallas-based leadership team. The acquired entity will operate under a new name: Vesper Energy.

“We’re thrilled to partner with Magnetar to strategically grow our renewables business across the U.S. and shape Vesper Energy’s strategy as a standalone company,” said Vesper Energy CEO Craig Carson. “We have the right team, high-quality renewable energy assets, and client and community partnerships in place to be a leader in North America’s transformation to a clean energy future.”         

Since its start in 2015, Vesper Energy has commercialized over 680 MW of utility-scale solar projects in the U.S. Working closely with communities and customers, the company develops, builds and operates high-quality, high value assets that contribute to a sustainable, decarbonized electrical grid. Its current customers include municipalities, higher education institutions, large corporations and integrated electric utilities.

“Decarbonization of the North American energy ecosystem will continue to be led by proven companies like Vesper Energy,” said Craig Rohr, Managing Director at Magnetar. “Magnetar is excited to partner with Vesper Energy to support its continued growth and long-term plans to play a key role in the buildout of renewable power and energy storage infrastructure across North America.”

Vesper Energy has an existing 3 GW solar and 2.5 GWh energy storage development pipeline across the U.S., encompassing 20 unique projects. The company plans to begin construction on three new projects in 2021 in California, Ohio and Pennsylvania.

“We are excited to extend Magnetar’s existing renewables franchise into the rapidly growing utility-scale solar and storage market in North America,” said Adam Daley, co-head of Energy and Infrastructure at Magnetar.  “This investment complements our existing solar portfolio companies and reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions.”

“The sale of our energy development business is a strategic divestment that’s consistent with Lendlease’s global strategy to recycle capital,” said Denis Hickey, CEO of Lendlease Americas, the company’s Americas operation headquartered in New York. “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.”

About Magnetar Capital:
Founded in 2005, Magnetar is a leading alternative asset manager with approximately $12.1 billion dollars of assets under management as of July 2020. Magnetar’s Energy and Infrastructure Group has actively invested in the North American energy and infrastructure sector for over 15 years and has committed over $6 billion across more than 60 private energy, infrastructure and renewables investments. The firm is based in Evanston, Illinois and has offices in New York, London and Houston.

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