Alternative asset manager Blackstone will invest around US$3 billion in Invenergy Renewables to help drive an accelerated build-out of the solar and wind developer’s clean energy platform.
Following the investment, made through funds managed by Blackstone Infrastructure Partners, Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management will remain majority owners of the developer, while Invenergy will continue as managing member.
Chicago-headquartered Invenergy has developed more than 175 renewable energy projects totalling nearly 25GW and has a portfolio of solar PV plants in markets such as the US, Canada, Uruguay and Japan.
The company is currently developing what it says will be the largest solar project in the US, the 1,310MW Samson Solar Energy Center in Texas that is due to be operational next year and supply power to corporate off-takers such as Honda, McDonald’s and Google.
Last year saw Invenergy progress with or complete PV plants in US states such as Ohio, Indiana and Nevada, while it is also part of a partnership in New York to bring forward the state’s Clean Path NY project, which would feature 1.8GW of solar.
“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,” said Matthew Runkle, senior managing director in the Infrastructure Group at Blackstone.
Blackstone has committed nearly US$13 billion in investments since 2019 that it believes are consistent with the energy transition.
In 2020, the asset manager led an US$850 million recapitalisation of commercial and industrial solar firm Altus Power America before going on to form a new portfolio company focused on financing and owning distributed energy assets later in the year.
Blackstone last year provided developer Strata Solar with US$150 million of capital to help fund the development, construction and ownership of utility-scale solar and storage assets across North America, while funds managed by Blackstone Energy Partners secured a deal in August to buy up to US$500 million of perpetual preferred stock of US solar tracker provider Array Technologies.