Alternative investment manager Blackstone announced today a strategic investment in rooftop solar solutions provider Esdec Solar Group.
Founded in 2004, Esdec develops and distributes professional rooftop solar racking and mounting systems and solutions for residential and commercial roofs. The company was acquired by private equity investor Rivean Capital and the management team in 2018. Since the acquisition, the company has grown significantly from roughly €30 million in revenues to nearly €500 million.
Maurits Boomsma, Senior Partner at Rivean Capital said:
“We were lucky to partner with the right business and the right management team 4 years ago, and are grateful and proud of what has been achieved through this strong partnership. We are very much looking forward to continuing the journey and together with Blackstone supporting Esdec in the next phase of growth.”
According to Esdec, Blackstone’s experience in the renewable energy sector and support and resources will help the company to deliver on its growth plans, as the company looks to benefit from organic growth and consolidation opportunities over the next few years.
Jürgen Pinker, Senior Managing Director at Blackstone, said:
“Esdec is an industry-leader in a fast-growing market with a track record of profitable growth, and we are delighted to partner with the management team and Rivean in achieving their long-term strategic plans.”
Stijn Vos, CEO of Esdec, added:
“For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets.”
The transaction marks the latest in a series of clean energy and renewables investments for Blackstone, including a recent agreement to invest $3 billion in private renewable energy company Invenergy Renewables, and $500 million commitment to utility-scale solar technology manufacturer Array Technologies.
Earlier this year the firm stated that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade.
David Foley, Global Head of Blackstone Energy Partners, said:
“Esdec’s products enable installers of rooftop solar to work safely and more efficiently, making solar power more affordable to consumers and thereby accelerating the energy transition, a key investment theme for Blackstone Energy Partners.”