Funds managed by Blackstone Infrastructure Partners, the Caisse de dépôt et placement du Québec (CDPQ) and Invenergy signed a definitive agreement to make a $3 billion equity investment in Invenergy Renewables Holdings. CDPQ and Invenergy management will remain majority owners.
The investment will enable the private renewable energy firm to accelerate its renewables development activity. Invenergy Renewables has a significant development and construction pipeline. The completed projects have offset approximately 167 million tonnes of CO2. Invenergy Transmission, its affiliate, is working on solving power delivery challenges by working on the world’s most innovative transmission infrastructure projects. It is building the largest wind and solar projects in the country. These projects will deliver 3 GW of clean energy by 2023.
Sean Klimczak, Global Head of Infrastructure at Blackstone, said “Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector. 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.”
Blackstone aims to reduce carbon emissions by 15% across its new investment, where it can control energy usage, within the first three years of ownership.