The United States-based global investment firm, Blackstone, has 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.

“The market for on-site renewable projects is multiplying as energy consumers are faced with rising energy costs, service outages caused by extreme weather and natural disasters,” the firm said in the statement.

Blackstone manages assets worth $571 billion and has floated a new portfolio company, ClearGen LLC, through funds managed by GSO Capital Partners LP, to undertake the investments. ClearGen will finance and own distributed and sustainable energy infrastructure assets for commercial, industrial, and institutional customers.

The firm plans to expand the size of the renewable energy fund over time. It plans to offer flexible capital solutions and investments. It will work closely with equipment manufacturers, developers, and energy service companies involved in developing, building, and operating distributed infrastructure.

Plans include investment in microgrids, distributed generation, renewable energy combined with battery storage, energy efficiency investments, combined heat, and power plants and, green transportation.

These assets will serve sectors, including technology, telecommunications, healthcare, real estate, industrials, and other commercial and industrial energy consumers.

“Energy consumers face a range of challenges, including cost and risk management and the reliability of supply that affects critical operation,” said George Plattenburg, chief executive officer at ClearGen.

“ClearGen will finance a wide range of revenue streams and diverse customers to allow our partners to accelerate growth,” Collin Franceschi said ClearGen’s chief development officer said.

The company intends to offer a full range of low-cost, flexible capital through credit and insurance businesses. It will allow Blackstone to be a one-stop-shop for infrastructure capital needs.

In August, Blackstone announced a $300 million investment plan in solar loans. Investments will be in the residential solar loan segment serviced on Loanpal’s platform. Loanpal, a leading financier of residential rooftop solar energy in the U.S., will offer Blackstone the option of financing solar installations homeowners.