Vesper Energy attracts USD-100m investment to grow portfolio

Developer of utility-scale renewable energy assets in the United States, Vesper Energy, has secured a substantial equity investment of $100 million (equivalent to €93.1 million). This is aimed at bolstering the expansion of Vesper Energy's impressive portfolio, which encompasses both solar and energy storage projects.

The infusion of funds comes courtesy of GCM Grosvenor Inc, a US-based alternative asset manager, which has committed to deploying this capital into the Dallas, Texas-headquartered energy firm over the course of the next year. In doing so, GCM Grosvenor Inc will acquire a minority ownership stake in Vesper Energy, marking a noteworthy development in the company's ownership landscape. This investment aligns GCM Grosvenor Inc with US hedge fund Magnetar Capital, which already holds a stake in Vesper Energy, as fellow shareholders.

Vesper Energy stands as a formidable player in the renewable energy sector, boasting a robust pipeline of over 55 projects dedicated to renewable energy generation and energy storage. Collectively, these projects possess an impressive generating capacity of 17 gigawatts (GW) and are strategically located across North America.

The genesis of Vesper Energy traces back to late 2020 when Magnetar Capital acquired the renewable energy business unit of the Australian property and infrastructure company Lendlease Group. Since then, Vesper Energy has rapidly advanced its presence in the renewable energy market.

Earlier this year, in a demonstration of its commitment to growth, Vesper Energy expanded its existing letter of credit (LC) facility to an impressive $200 million. This move was aimed at providing the financial firepower necessary to propel the development pipeline forward, further solidifying Vesper Energy's position as a key player in the renewable energy sector.