New York — Blackstone announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de dépôt et placement du Québec (CDPQ) and Invenergy for an approximately $3 billion equity investment in Invenergy Renewables Holdings LLC.
Blackstone’s investment will provide capital to accelerate Invenergy’s renewables development activities. CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member.
Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is solving power delivery challenges by advancing some of the world’s most innovative transmission infrastructure projects. The company is building both the largest wind and solar projects in the United States, that combined will deliver 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 behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector. We look forward to a long-term partnership with the Invenergy and CDPQ teams and are excited to invest alongside them to support the accelerated build-out of Invenergy’s clean energy portfolio.”
Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition. Additionally, in 2020, Blackstone announced a plan to reduce carbon emissions by 15% in aggregate within the first three years of ownership across all new investments where Blackstone has control over energy usage.