Blackstone to pour USD 3bn in Invenergy Renewables

The Roncevaux wind farm in Quebec. Source: Invenergy (www.invenergyllc.com)

January 10 (Renewables Now) - Alternative asset manager Blackstone Inc (NYSE:BX) will make a roughly USD-3-billion (EUR 2.64bn) equity investment in US renewable energy projects developer Invenergy Renewables Holdings LLC as part of its broader support for the energy transition.

The investment, to be made through funds managed by Blackstone Infrastructure Partners, will help Invenergy Renewables to speed up the development of its clean energy platform, the companies said in a joint statement on Friday.

According to the definitive agreement, Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) and Invenergy management will keep their majority shareholding in the renewable energy company. Invenergy will continue to be a managing member.

To date, Invenergy Renewables has developed close to 25 GW of renewable energy projects globally, which are either in operation, construction or contracted. The portfolio includes wind and solar power generation schemes, as well as transmission and energy storage projects. The company’s clients are utilities, financial institutions and commercial and industrial entities.

In the US, Invenergy is currently working on almost 3 GW of wind and solar parks that will be commissioned by 2023.

“We are delighted to welcome our long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth,” said Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ.

Lazard and CIBC served as Blackstone’s merger and acquisition (M&A) advisors, while Kirkland & Ellis was its legal counsel.

(USD 1.0 = EUR 0.880)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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