Blackstone is investing $3bn (€2.6bn) for a stake in Invenergy Renewables, the largest private renewable energy company in North America.
Blackstone, which is making the investment via Blackstone Infrastructure Partners funds, said Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and Invenergy will remain majority owners of Invenergy Renewables.
Invenergy Renewables has over 175 projects totaling nearly 25,000MW developed across four continents. The company is building both the largest wind and solar projects in the US, that combined will deliver nearly 3GW of clean energy by 2023.
Blackstone said its investment will provide capital to accelerate the company’s renewables development activities.
Sean Klimczak, global head of infrastructure at Blackstone, said: “Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector.
“We look forward to a long-term partnership with the Invenergy and CDPQ teams and are excited to invest alongside them to support the accelerated build-out of Invenergy’s clean energy portfolio.”
Matthew Runkle, senior managing director in the infrastructure group at Blackstone, said” Invenergy has built an outstanding platform for delivering clean energy – which is essential to our future – and we are honoured to be a part of their mission.”
Jim Murphy, president and corporate business leader at Invenergy, said: “We greatly value our long-term relationship with CDPQ and are thrilled to continue to accelerate the clean energy transition with Blackstone’s additional investment and capabilities.”
Emmanuel Jaclot, executive VP and head of infrastructure at CDPQ, said for nearly a decade, CDPQ has worked alongside Invenergy to build a key global player in the energy transition, in the US and around the world.
“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.”
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