Blackstone invests $3B in renewables developer Invenergy

The largest alternative asset manager in the world said it will invest $3 billion in the largest private renewable energy developer in the U.S.

Blackstone Inc. announced Jan. 7 that funds managed by Blackstone Infrastructure Partners LP entered into an agreement with Caisse de dépôt et placement du Québec, or CDPQ, and Invenergy LLC for a $3 billion equity investment in Invenergy Renewables LLC.

Blackstone called the investment one of the largest in renewable energy in North American history.

Chicago-based Invenergy and CDPQ — a Montreal investment group that manages retirement and insurance plans — will remain majority owners of Invenergy Renewables, and Invenergy will continue as its managing member, according to the announcement. In December 2020, CDPQ invested $1 billion in Invenergy.

Invenergy owns 175 renewable energy projects totaling 25 GW on four continents, the announcement noted. A December 2021 S&P Global Market Intelligence analysis showed it had the second-largest pipeline of wind and solar projects in the nation, with 12 GW underway, 7.5 GW of which are solar.

"Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector," Sean Klimczak, global head of infrastructure at Blackstone, said in the announcement. "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 said in the announcement that since 2019, it has committed almost $13 billion in investments into the energy transition.