Invenergy scores $3b investment from Blackstone

Invenergy is building a transmission system to bring renewable energy to New York City.

Blackstone Infrastructure Partners announced that it will make a $3B equity investment in Invenergy Renewables Holdings (a Chicago-based renewable energy developer).

Blackstone’s investment will provide capital to speed Invenergy’s renewables development activities. Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management remain majority owners and Invenergy will continue as managing member.

Blackstone has made investments totaling nearly $13 billion since 2019, which Blackstone believes is consistent with the larger energy transition.

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 Invenergy.

Sumitomo Mitsui Trust Bank set up a $150 million Green Revolving Credit Facility to Invenergy Renewables in October. This was a first for the bank. The money from the facility will be used for support of renewable energy project development in Japan.

Invenergy Renewables is the developer of more than 175 projects that have generated nearly 25,000 MW in four continents. It also develops advanced energy storage and transmission facilities.

Invenergy-backed Clean Path NY entered into an agreement with New York State Energy Research and Development Authority. The contract was submitted to the New York State Public Service Commission in order to be approved. The deal would advance the $11 billion project to build a 175-mile-long transmission line, and 3,800 MW of solar and wind generating capacity at New York Power Authority’s (NYPA) existing Blenheim-Gilboa pumped storage facility. The project is a joint venture between Invenergy and energyRe.

Congestions on New York State’s electric grid has limited renewable energy produced in upstate New York from reaching New York City. According to project partners, emission-free energy powers about 80% of the electric network upstate and less that 20% downstate. Clean Path NY is a project that will create new renewable energy generation in the state and transport it to New York City via an underground transmission line. The line would run 105 miles through an existing NYPA transmission corridor.

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