Blackstone Inc, the world’s largest alternative asset manager, said it will invest some $3 billion in Invenergy, the largest private wind developer and owner in North America.
The multi-billion investment is one of the largest ever in US renewable energy, the companies stated.
Invenergy has an operational wind fleet of more than 12GW.
Blackstone’s investment will provide capital to accelerate Invenergy’s wind expansion and other renewables development activities, the companies stated. Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management will remain majority owners of the company and Invenergy will continue to run the day-to-day business operations of the company.
“We are thrilled to continue to accelerate the clean energy transition with Blackstone’s additional investment and capabilities,” said Jim Murphy,president and corporate business leader at Invenergy. “The Invenergy team is pleased to welcome Blackstone, a leader in the renewable investment space, as our partner.”
Since 2019, Blackstone, which manages assets such as private equity, has committed nearly $13 billion in investments that it “believes are consistent with the broader energy transition”, it stated.
Sean Klimczak, global head of infrastructure at Blackstone, added: “Blackstone is committed to investing behind the energy transition and we are excited to partner with Invenergy, which is the clear independent leader in the renewable energy sector.”
Invenergy has more than 175 renewable energy projects totalling nearly 25GW across four continents. Its portfolio also includes natural gas power generation facilities, and advanced energy storage projects as well as transmission infrastructure.
Its projects have offset approximately 167 million tons of CO2, equivalent to the annual emissions of the state of New York, it claimed.