Blackstone and Fisterra Energy ('Fisterra'), a company owned by funds managed by Blackstone on behalf of its private equity investors, has announced that General Wesley Clark, former NATO Supreme Allied Commander in Europe, and Lars Thunell, former International Finance Corporation head, have joined Fisterra’s Board of Directors.
Earlier this year, Blackstone, together with a management team led by Pedro Barriuso, the former Executive Chairman of Element Power and former head of Iberdrola Renewables, formed Fisterra to identify, develop, finance, construct and operate large-scale independent power projects, with a focus in Latin America, Europe and the Middle East.
General Clark and Lars Thunell will also serve as Senior Advisors to Blackstone with a focus on the firm’s private equity activities in the energy sector.
Sean Klimczak, Senior Managing Director at Blackstone, said, 'We are thrilled to welcome both General Clark and Lars Thunell to the team. General Clark’s experience and breadth of knowledge will be invaluable to both Fisterra and Blackstone, as we continue to invest in and construct power projects around the world',Sean Klimczak added, 'Lars brings a strong understanding of how to finance and complete large-scale energy projects and has a wealth of investment experience in many of the countries in which we operate or would seek to operate'.
Pedro Barriuso, Chairman and CEO of Fisterra, said, 'I am delighted to have both Lars Thunell and General Clark join Fisterra. Mr. Thunell and General Clark are perfect compliments to our management platform and will be invaluable as we build Fisterra into a premier global power development company'.
General Wesley Clark, former NATO Supreme Allied Commander in Europe, said, 'Helping countries overcome their energy challenges and develop energy security is critical to economic growth and sustainable development. I am pleased to join Fisterra’s Board of Directors and look forward to supporting the team as they work to accomplish their goals'.
Lars Thunell, former Head of International Finance Corporation, said, 'Developing energy solutions for emerging markets plays a crucial role in strengthening economies and creating growth. Fisterra has the right team and experience to develop affordable, safe and reliable power projects around the world, and I look forward to joining the team'.
General Clark rose to the rank of four-star general as NATO’s Supreme Allied Commander, Europe, during his tenure in the United States Army. Since retiring from the military in 2000, he has served in several private sector positions, and in September 2003, he ran as a Democratic candidate for President of the United States. General Clark has chaired several public and private companies and is a progressive leader in pursuing energy solutions. He graduated first in his class at West Point and completed degrees in Philosophy, Politics and Economics at Oxford University as a Rhodes Scholar.
His awards include the Presidential Medal of Freedom, Defense Distinguished Service Medal (five awards), Silver Star, Bronze Star, Purple Heart, honorary knighthoods from the British and Dutch governments and numerous awards from other governments, including the award of Commander of the Legion of Honor (France). He also serves as a member of the Clinton Global Initiative’s Energy & Climate Change Advisory Board and ACORE’s Advisory Board.
Lars Thunell is a seasoned chief executive with over 30 years of management experience, most recently as the Chief Executive Officer and Executive Vice President of the International Finance Corporation, the financing arm of the World Bank. Under Thunell’s leadership, the International Finance Corporation tripled its annual financing of infrastructure, healthcare and energy projects around the world from $6 billion to over $20 billion, the majority of which are in emerging markets.