US-based Invenergy has secured about $1bn equity investment in Invenergy Renewables from funds managed by Blackstone Infrastructure Partners.
The investment by the alternative asset manager adds to its previously announced capital infusion, totalling around $3bn, in the renewables business of Invenergy in 2021 and 2022.
Invenergy Renewables is owned by Canadian pension fund company Caisse de dépôt et placement du Québec (CDPQ), Blackstone Infrastructure Partners, and Invenergy’s management.
Invenergy and its affiliates are claimed to have developed over 30GW of projects that are in operation, construction, or contracted. These include solar, wind, transmission infrastructure, natural gas-fired power generation, and advanced energy storage facilities.
Blackstone Infrastructure Partners senior managing director Matthew Runkle said: “We are proud to support the continued growth of Invenergy’s business.
“Invenergy has a premier platform for developing, owning, and operating clean energy projects and we are excited to continue supporting the realisation of these projects and their important contribution to decarbonising the energy sector.”
Invenergy aims to make use of the new capital to support Invenergy Renewables’ continued growth in the US and across the globe as well as to advance its portfolio of projects.
The project portfolio includes solar power plants, wind farms, offshore wind projects, clean hydrogen initiatives, advanced energy storage facilities, high-voltage direct current interregional transmission lines, and solar panel manufacturing.
Besides, the project portfolio comprises a community solar business through the Reactivate venture.
Invenergy president and corporate business leader Jim Murphy said: “The additional equity capital from Blackstone will help accelerate execution of our existing project portfolio and our new business initiatives.
“We greatly value our long-term relationship with Blackstone and CDPQ and look forward to continuing to lead the clean energy transition with the support of these trusted partners.”
Last month, Invenergy announced the start of operations of the 104MW Number Three Wind Energy Cente in New York. The project is part of Clean Path NY’s 3.8GW renewable power portfolio.
