Invenergy announces approximately $ 3 billion investment from Blackstone Infrastructure Partners to accelerate renewable energy development activities
NEW YORK & CHICAGO & MONTREAL – (COMMERCIAL THREAD) – Today, Blackstone Inc. (NYSE: BX) announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de depot et placement du Québec (CDPQ) and Invenergy for an investment in shares of ‘approximately $ 3 billion in Invenergy Renewables Holdings LLC (“Invenergy Renewables” or “the Company”), the largest privately held renewable energy company in North America. Blackstone’s investment will provide capital to accelerate Invenergy’s renewable energy development activities. The CDPQ and the management of Invenergy remain majority owners of the company and Invenergy will remain a management member.
Invenergy Renewables is one of the largest and most respected renewable energy developers, with more than 175 projects totaling nearly 25,000 megawatts developed on four continents, focused on lasting partnerships with utilities, financial institutions and commercial and industrial customers. The production projects developed by the company supply the equivalent of 8.5 million homes. Invenergy has received numerous industry recognitions, including a # 4 global ranking of “Best Power Generators” based on renewable energy capacity by Energy Intelligence New Energy in 2020. Projects developed by the company have made up for it. about 167 million tonnes of carbon dioxide, roughly New York State’s annual emissions. Invenergy Renewables has a strong development and construction pipeline, and its subsidiary Invenergy Transmission solves electricity delivery challenges by advancing some of the most innovative transmission infrastructure projects in the world. The company is building both the largest wind and solar projects in the United States, which together will provide nearly 3 gigawatts (GW) of clean energy by 2023.
Commenting on the transaction, Sean Klimczak, Global Head of Infrastructure at Blackstone, said: “Blackstone is committed to investing in the energy transition and Invenergy is the undisputed independent leader in the renewable energy sector. We look forward to a long-term partnership with the Invenergy and CDPQ teams and are delighted to invest alongside them to support the accelerated development of Invenergy’s clean energy portfolio.
Matthew Runkle, Senior Managing Director, Infrastructure Group at Blackstone, added: “We are proud to have the opportunity to work with Michael Polsky and the world class Invenergy team. Invenergy has built an exceptional platform to deliver clean energy – which is essential for our future – and we are honored to be a part of their mission.
Jim Murphy, President and CEO of Invenergy, said: “The Invenergy team is pleased to welcome Blackstone, a leader in the field of renewable investments, as a partner. We value our long-term relationship with the CDPQ and are excited to continue to accelerate the transition to clean energy with Blackstone’s additional investments and capabilities.
Emmanuel Jaclot, executive vice-president and head of infrastructure at the CDPQ, added: “For nearly a decade, we have been working 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 longtime partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.
The investment in Invenergy Renewables is the most recent example of a number of clean energy companies that Blackstone is proud to support. Since 2019, Blackstone has committed nearly $ 13 billion in investments that Blackstone says is consistent with the broader energy transition. Additionally, in 2020 Blackstone announced a plan to reduce carbon emissions by a total of 15% in the first three years of ownership in all new investments where Blackstone has control over energy use.
Lazard and CIBC acted as M&A advisors to Blackstone and Kirkland & Ellis as legal advisors to Blackstone. Mayer Brown was legal counsel to the CDPQ, and Sidley & Austin and White & Case represented the company and Invenergy.
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest and the communities in which we operate. To do this, we use amazing people and flexible capital to help businesses solve their problems. Our $ 731 billion in assets under management include investment vehicles focused on private equity, real estate, debt and public stocks, infrastructure, life sciences, growth stocks, credit. opportunistic and substandard, real assets and secondary funds, all on a global scale. More information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone Infrastructure Partners
Blackstone Infrastructure Partners is an active investor in the energy, transport, digital infrastructure, and water and waste infrastructure sectors. We seek to apply a long-term buy and hold strategy to large-scale infrastructure assets with an emphasis on long-term stable capital appreciation along with a predictable annual cash return. Our approach to infrastructure investing is focused on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
About the Fund
At the Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate long-term sustainable returns. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build businesses that drive performance and progress. We are active in major financial centers, private equity, infrastructure, real estate and private debt. As of June 30, 2021, the Caisse’s net assets totaled CAD 390 billion. For more information, visit cdpq.com, follow us on Twitter or visit our Facebook or LinkedIn pages.
About Invenergy Renewables
We are innovators who are building a sustainable world. Invenergy Renewables and its affiliates develop, own and operate large-scale sustainable energy production and storage facilities in the Americas, Europe and Asia. Invenergy’s head office is located in Chicago and has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland and Scotland. Invenergy has successfully developed over 25,000 megawatts of projects in operation, under construction or under contract, including wind and solar power generation facilities as well as advanced energy transmission and storage projects. For more information, please visit www.invenergy.com.