Lendlease Sells Renewable Energy Business

  • 16 Nov 2020
“This divestment is consistent with our global strategy to recycle capital and focus on the delivery of our US$80 billion pipeline of development projects across the world,” said Denis Hickey, Chief Executive Officer of Lendlease Americas. “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.”

This energy business sale follows the recent announcement that Lendlease, as part of its broader capital strategy, sold its U.S. telecommunications platform to Apollo Global Management, Inc. (NYSE: APO). This included a portfolio of operating cell towers and a pipeline of contracted towers under development.

The acquired business is a leading developer of utility scale solar and energy storage projects across the U.S. Since its founding in 2015, it has commercialized over 680 MW of energy projects. Vesper Energy has an existing 3 GW solar and 2.5 GWh energy storage development pipeline across the U.S., encompassing 20 unique projects. Its customers include investor owned utilities, corporates, municipalities, and higher education institutions.  

Marathon Capital, LLC acted as financial advisor and Perkins Coie LLP acted as legal advisor to Lendlease. 

For additional information, contact: 
Petula Lucey
Head of Corporate Affairs
212 592 6800 

Jen Weber