With an initial $100 million in funding, a new international platform for renewable investments has been established.
Former CEO of Orsted’s onshore division Declan Flanagan established Bluestar Energy Capital, which specialises in greenfield renewable energy development.
In order to promote expansion, Bluestar will create regional platforms in the US, Australia, and Europe that will either be totally owned or controlled subsidiaries, they will “engage in opportunistic acquisition activity” to promote growth.
The Company has created its first two regional growth platforms, Nova Clean Energy and Bluestar Energy Australia, following the completion of this investment round.
The North American-focused development platform for Bluestar, called Nova Clean Energy, is “pursuing a greenfield project development plan, as well as opportunistic M&A across wind, solar and storage.”
Bluestar Energy Australia is the company’s development platform for Australia.
It has already established a “meaningful pipeline that is focused primarily on wind power, with plans for further additions of solar and storage” since entering the Australian market.
“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,” said the 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.”
Flanagan added “Success is about empowering regional leadership while bringing global scale and an owner’s attention to detail in managing project and market risk.”
S2G Ventures and Great Bay Renewables have joined Flanagan, who will continue to own the majority of Bluestar’s shares.
Aaron Rudberg, COO of S2G, and Frank Getman, CEO of Great Bay, have joined the board of directors of Bluestar as a result of the deal.
Senan Murphy, a former CFO of the wind energy company Airtricity (sold to SSE and Eon), has also been appointed as a non-executive member of the Bluestar board.
