Funds managed by Blackstone Infrastructure Partners have entered into an agreement with Caisse de depot et placement du Quebec (CDPQ) and Invenergy for an approximately $3bn equity investment in Invenergy Renewables Holdings.
The 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.
Blackstone global head of infrastructure 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.”
Blackstone senior managing director in the infrastructure group Matthew Runkle said: “We are proud to have the opportunity to work with Michael Polsky and the world-class team at Invenergy.
“Invenergy has built an outstanding platform for delivering clean energy – which is essential to our future – and we are honored to be a part of their mission.”
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.”
CDPQ head of infrastructure Emmanuel Jaclot said: “For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the US 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 long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.”