Sustainable Finance

Blackstone Commits $3 Billion Investment For Sustainable Energy in Invenergy

Published on: 12 January 2022 01:00 AM
by KnowESG

A Brief Summary

Blackstone, an American alternative investment management company, announced to invest approximately more than $3 billion in private renewable energy company Invenergy. The investment according to the companies, provides capital to accelerate Invenergy's renewables development activities.

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Invenergy Renewables, a Chicago based company, is the largest private renewable energy company in North America. Over the years, it has developed more than 25,000 MW of projects in wind and solar power generation facilities, in addition to transmission and advanced energy storage projects.

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.”

Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management, following the equity investment, retain majority ownership in Invenergy. In 2014, CDPQ for the first time, invested in Invenergy and has since been increasing its stake in the company. A $1 billion investment announced in December 2020 also adds to the list of commitments.

The company had already committed to several projects which include, a recent $500 million commitment to Array Technologies, a utility-scale solar technology manufacturer and the acquisition of Sabre Industries, an infrastructure products and solutions company before it announcing its latest energy-focused equity investment in sustainable energy.