Funds managed by Blackstone Energy Partners have completed the acquisition of NRStor C&I from Fengate Asset Management (Fengate) and Lake Bridge Capital II.
The financial details of the transaction are not disclosed.
NRStor C&I, a former subsidiary of NRStor, provides turn-key energy-as-a-service to commercial, industrial, institutional customers and utilities across North America.
NRStor founder and CEO Moe Hajabed said: “We are extremely excited about the new partnership with Blackstone and the opportunity to further accelerate our growth and solidify our mission to provide end users and utilities with innovative storage solutions.
“Blackstone brings both the scale and the deep understanding of the renewable power and utility markets that will help us significantly expand our platform and deliver reliable, clean energy to more communities across North America.”
NRStor C&I has more than 200MWh projects
Headquartered in Toronto, Canada, NRStor C&I is a distributed energy resources platform with more than 200MWh projects, which are operational, in-construction and contracted.
The company offers services through a turnkey build, own and operate business model for the customers. NRStor targets scale storage deployment opportunities in North America.
NRStor claims to a major player in its home market of Ontario, Canada. Leveraging its scalable platform built to adapt to new market constructs and opportunities, the firm has expanded into the US.
Blackstone Energy Partners senior managing director Bilal Khan said: “Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets.
“NRStor is a pioneer in energy storage and we look forward to helping the leadership team further build out the company’s platform to reach new markets and opportunities.”
For the transaction, Marathon Capital has acted as advisor to NRStor C&I, Fengate and Lake Bridge, while McCarthy Tetrault and Torys acted as legal counsel .
In February last year, Blackstone Group has signed an agreement to purchase a majority stake in Kansas-based midstream company Tallgrass Energy in a deal worth around $3.3bn with multiple investors.
