Blackstone to Invest Nearly $3 Billion in Renewable Energy Developer Invenergy

Global investment firm Blackstone has announced that funds managed by Blackstone Infrastructure Partners will invest approximately $3 billion equity investment in Invenergy Renewables Holdings.

Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management will remain the company’s majority owners, and Invenergy will continue as the managing member.

Invenergy Renewables is one of the largest private renewable energy companies in North America.

The investment is expected to increase Invenergy’s renewable deployment activities. The company has over 175 projects totaling nearly 25 GW developed across four continents, and the company’s projects have offset 167 million tons of carbon dioxide.

Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is developing some of the world’s most innovative transmission infrastructure projects. The company is also developing wind and solar projects in the United States to deliver a combined capacity of 3 GW of clean energy by 2023.

The company has been working towards expanding its portfolio to include solar power generation since 2012. Currently, Invenergy has nearly 6 GW of solar capacity with 49 projects and nearly 17.5 GW of wind capacity with 110 projects.

Early last year, Invenergy had reported the completion of construction financing for the first phase of Samson Solar Energy center in Northern Texas, one of the largest solar energy facilities in the US.

Since 2019, Blackstone has committed nearly $13 billion in investments that the company believes are consistent with the broader energy transition. In September 2020, it had announced a $250 million fund for distributed and sustainable energy infrastructure assets to ride on the renewable energy wave that’s sweeping energy markets globally.

Earlier, Loanpal, a U.S.-based financial technology company, had revealed that Blackstone would invest nearly $300 million (~₹22.44 billion) in residential solar loans on the Loanpal platform.

According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, corporate funding activity in the global solar market, including venture capital funding, public market, and debt financing in the first nine months (9M) of 2021, came to $22.8 billion in 112 deals, a 190% increase compared to $7.9 billion in 72 deals in 9M 2020. In 9M 2021, the solar sector raised $2.2 billion in VC funding in 39 deals, a 466% increase compared to $394 million in 29 deals in 9M 2020.