Funds managed by Blackstone Inc.’s 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 Management and Invenergy Management remain majority owners and Invenergy will still be the managing member.
“Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector,” says Sean Klimczak, global head of infrastructure at Blackstone. “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.”
Invenergy Renewables is home to over 175 renewable energy projects, totaling almost 25,000 MW. Its focus is on partnerships with utilities and financial institutions as well as commercial and industrial customers.
“The Invenergy team is pleased to welcome Blackstone, a leader in the renewable investment space, as our partner,” states Jim Murphy, president and corporate business leader at Invenergy. “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.”
Blackstone has invested nearly $13Bn in investments since 2019. These investments are consistent with the wider energy transition. Blackstone also announced a plan in 2020 to reduce carbon emissions 15% in aggregate over the first three year of ownership for all new investments that Blackstone controls over energy use.
“We are proud to have the opportunity to work with Michael Polsky and the world-class team at Invenergy,” mentions Matthew Runkle, senior managing director in the Infrastructure Group at Blackstone. “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.”
“For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world,” adds Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ. “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.”
Lazard and CIBC served as M&A advisors to Blackstone and Kirkland & Ellis as legal advisor to Blackstone. Mayer Brown was legal advisor to CDPQ, and Sidley & Austin and White & Case represented the company and Invenergy.