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Eversheds Sutherland advises Magnetar Capital on latest acquisition

Eversheds Sutherland is pleased to announce that it represented alternative asset manager Magnetar Capital in the acquisition of international property and investment group Lendlease’s renewable energy business unit, which will operate under the name Vesper Energy moving forward.

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

Vesper Energy has an existing 3 GW solar and 2.5 GWh energy storage development pipeline across the US, 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.”

Eversheds Sutherland Partner Thomas H. Warren led the deal team, which also included Partners Michael Gurion and Madeleine M. L. Tan as well as Associates Alistair W. J. McMaster and Alyssa N. Walker.