US renewable energy investment platform Bluestar Energy Capital has opened an office in Sydney, Australia, after a capital raise that provided it with USD 100 million (EUR 92.6m) to expand its foothold on the global market.
The Chicago-based company said on Tuesday that its first fully permitted project in Australia is on track to enter construction in 2024. The scheme, specific details about which were not provided, is part of Bluestar’s over 1-GW project development pipeline.
According to the firm’s website, Bluestar’s activities in the Australian market cover wind, solar and energy storage developments in Victoria, New South Wales, and Queensland. The business is housed in its Aussie subsidiary Bluestar Energy Australia Pty Ltd. Meanwhile, its North American renewables development platform is called Nova Clean Energy LLC.
Bluestar’s business will be supported with funds raised in an initial fundraising round in 2022 led by its founder and investors S2G Ventures and Great Bay Renewables. The latter announced a USD-32.5-million investment in the platform last year that gave it a minority stake in its North American business.
Declan Flanagan is Bluestar’s founder and majority owner. He was formerly CEO of the onshore business of Danish clean energy group Ørsted A/S (CPH:ORSTED) and its US wind unit Lincoln Clean Energy.
(USD 1.0 = EUR 0.926)
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