Magnetar Capital buys Lendlease's renewables unit

Illinois-based hedge fund Magnetar Capital on Monday said it has purchased the renewable energy subsidiary of Australian property and infrastructure company Lendlease Group (ASX:LLC).

The business will operate under the name Vesper Energy. The unit, which was founded in 2015, has commercialised over 680 MW of solar power projects in the US. Vesper Energy has an existing development pipeline of 3 GW of solar capacity and 2.5 GWh of energy storage across the country. Construction of three new projects is due to start in 2021 in California, Ohio and Pennsylvania.

"This investment complements our existing solar portfolio companies and reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions," Magnetar co-head of energy and infrastructure, Adam Daley, noted.

In a separate statement, Lendlease said that the deal is part of its strategy of recycling capital and focusing on the delivery of its development pipeline around the world. The divestment follows the recent sale of the company's telecoms business to Apollo Global Management (NYSE:APO).

Marathon Capital LLC advised Lendlease on the deal. The financial details were not disclosed.

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