Declan Flanagan, former CEO of Orsted’s onshore enterprise, has launched Bluestar Energy Capital, a brand new world renewable energy funding platform with an preliminary $100 million in capital for greenfield renewable energy improvement. Bluestar, based by Flanagan, can be saying a number of key administration hires.
“A huge amount of capital is seeking a role in the energy transition, but a scarcity remains of the right kind of capital for new development platforms and new projects. Our vision is to be one of the largest global investors of early-stage development capital,” feedback Flanagan, CEO of Bluestar. “We have structured Bluestar as a portfolio of distinct regional platforms based on the conviction that successful project development is a very local business. Success is about empowering regional leadership while bringing global scale and an owner’s attention to detail in managing project and market risk.”
The preliminary $100 million raised by Bluestar will fund the execution of the primary section of its marketing strategy. Bluestar’s bedrock technique is greenfield improvement and a long-term method to the infrastructure wanted to drive the energy transition to 2030 and past. Bluestar will develop regional platforms within the United States, Australia and Europe that will likely be both wholly owned or managed subsidiaries. The firm’s preliminary focus is completely on challenge improvement capital. It will consider varied choices for building and working capital sooner or later.
Flanagan, who will stay the controlling shareholder of Bluestar, is joined by new buyers S2G Ventures and Great Bay Renewables. As a part of the transaction Aaron Rudberg, COO of S2G, and Frank Getman, CEO of Great Bay, have joined Bluestar’s board of administrators. Senan Murphy, former CFO of wind power pioneer Airtricity (offered to SSE and E.On) has additionally joined Bluestar’s board as a non-executive.
Following the closing of this funding spherical, the Company has established its first two regional improvement platforms. Nova Clean Energy LLC is Bluestar’s North American-focused improvement platform. It is pursuing a greenfield challenge improvement plan, in addition to opportunistic M&A throughout wind, solar and storage.
Bluestar Energy Australia is Bluestar’s Australian-focused improvement platform. Since getting into the Australian market, it has already constructed a pipeline that’s targeted totally on wind power, with plans for additional additions of solar and storage.
Bluestar has additionally made a number of key administration hires in current months. Dennis Meany, former president of Lincoln Clean Energy (offered to Orsted) was named president and board member. Dylan Reeves, former chief business and product officer of onshore wind companies at GE Renewable Energy, was named head of challenge supply. Cortney Zaret, former monetary controller at Orsted Onshore was named head of accounting and administration. Joe Condo, former basic counsel at Orsted Onshore and Lincoln Clean Energy, was named basic counsel.
At Bluestar’s regional platforms, Jenn Goodwillie, former vp at Orsted Onshore, was named head of improvement at Nova Clean Energy.
“S2G is thrilled to be working with Declan and the Bluestar team to enable the energy transition,” says Rudberg. “The Bluestar team are proven operators. They understand what the industry needs and are well positioned to capitalize on the growing energy opportunity across the U.S., Europe, and Asia.”
“Declan is a recognized leader in renewables and the global energy transition with an incredible track record of success,” provides Getman. “We are excited to support him and his team in helping create the next great global renewables platform.”