Marking one of the largest-ever renewable energy investments in North America, alternative investment manager Blackstone announced an agreement to invest approximately $3 billion in private renewable energy company Invenergy Renewables Holdings LLC.
Based in Chicago, Invenergy Renewables is the largest private renewable energy company in North America. The company develops, owns and operates large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy has developed over 25,000 MW of projects that are in operation, construction or contracted, encompassing wind and solar power generation facilities, as well as transmission and advanced energy storage projects.
Following the equity investment, institutional investor Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management retain majority ownership in the company. CDPQ initially invested in Invenergy in 2014, and has been increasing its stake in the company over the past few years, including a $1 billion investment announced in December 2020.
According to the companies, the investment will provide capital to accelerate Invenergy’s renewables development activities.
Jim Murphy, President & Corporate Business Leader at Invenergy, said:
“The Invenergy team is pleased to welcome Blackstone, a leader in the renewable investment space, as our partner. 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 Vice President and Head of Infrastructure at CDPQ, added:
“For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world. Michael Polsky, Jim Murphy and their team raise the bar when it comes to developing and operating sustainable energy solutions, making their company a true innovator and leader in its field. 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.”
The transaction marks the latest in several clean energy and energy transition focused investments by Blackstone, including a recent $500 million commitment to utility-scale solar technology manufacturer Array Technologies, and the acquisition of infrastructure products and solutions company Sabre Industries. Overall, Blackstone stated that it has committed nearly $13 billion in investments that consistent with the broader energy transition since 2019.
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, added:
“We are proud to have the opportunity to work with Michael Polsky and the world-class team at Invenergy. Invenergy has built an outstanding platform for delivering clean energy – which is essential to our future – and we are honored to be a part of their mission.”