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January 10, 2022

Blackstone to invest $3bn in Invenergy Renewables Holdings

CDPQ and Invenergy will retain a majority stake in the company, while Invenergy will continue to serve as its managing member.

US-based alternative investment management company Blackstone is set to invest around $3bn in renewable energy developer Invenergy Renewables Holdings.

Funds managed by Blackstone Infrastructure Partners have signed a definitive agreement with Caisse de dépôt et placement du Québec (CDPQ) and Invenergy to make the equity investment.

The proceeds will be used to expedite Invenergy’s renewable development activities.

CDPQ and Invenergy management will continue to own a majority stake in Invenergy Renewables, with Invenergy also continuing as managing member.

Blackstone Infrastructure global head Sean Klimczak 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.”

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To date, Invenergy Renewables has developed 25GW of renewable energy capacity worldwide.

The company is engaged in the development of the US’ largest wind and solar projects, which will collectively deliver almost 3GW of clean energy by 2023.

Invenergy president and corporate business leader Jim Murphy 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.”

Lazard and CIBC acted as mergers and acquisition (M&A) advisers to Blackstone for the transaction while Kirkland & Ellis served as the company’s legal adviser.

Based in Chicago, Invenergy develops, owns and operates large-scale sustainable energy generation and storage facilities alongside its affiliates.

Last September, the company announced a joint venture with BW Offshore to build offshore wind projects with up to 5.4GW of combined capacity as part of the first ScotWind leasing round.

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