Declan Flanagan, former CEO of Orsted Onshore, has launched a renewables funding platform referred to as Bluestar Power Capital with an preliminary capital of US$100 million.
Bluestar’s first part of its marketing strategy will focus in early-stage improvement initiatives, with the likelihood to put money into building and operations initiatives additional down the road.
After closing the funding spherical, the brand new firm established its first two regional improvement platforms in North America (Nova Clear Power) and Australia (Bluestar Power Australia), with plans additionally within the works to develop one other renewables funding platform in Europe.
Nova will give attention to greenfield improvement initiatives with doable mergers and acquisitions in photo voltaic, wind and storage. The Australian department will primarily targeted its pipeline in wind initiatives with plans for additional additions in photo voltaic and storage.
“We have now structured Bluestar as a portfolio of distinct regional platforms primarily based on the conviction that profitable mission improvement is a really native enterprise. Success is about empowering regional management whereas bringing international scale and an proprietor’s consideration to element in managing mission and market threat,” stated Flanagan.
The corporate has made a number of hires of former Orsted Onshore executives, with Dennis Meany elected president and board member of Bluestar, whereas Jenn Goodwillie has been appointed as head of improvement at Nova, to call however a couple of.
Among the many buyers of Bluestar are funding corporations S2G Ventures and Nice Bay Renewables, with every firm touchdown a seat on the board of administrators.
