Chicago-based multinational utility Invenergy is set to expand its renewable energy business after securing approximately $3 billion in investment from global asset manager Blackstone.
The agreement for the investment was made through Blackstone Infrastructure Partners via fund manager Caisse de dépôt et placement du Québec (CDPQ).
The utility will leverage Blackstone’s investment to accelerate the development of renewables in an effort to prepare for future business cases and to accelerate the energy transition and help reduce the power industry’s carbon footprint.
Invenergy has a portfolio of 175 projects with a total capacity of 25,000MW across four continents, the equivalent of energy that can power 8.5 million homes.
The utility is currently developing US’ ‘largest’ wind and solar projects with a combined capacity of 3GW that are set to be operational by 2023.
Invenergy’s renewables business has avoided the emissions of 167 million tons of carbon dioxide, equivalent to the annual emissions of New York state.
The investment follows the utility being ranked number 4 amongst the ‘Top Power Generators’ by Energy Intelligence New Energy in 2020.
Sean Klimczak, global head of infrastructure at Blackstone said the transaction is part of the company’s efforts to speed up the energy evolution.
Since 2019, Blackstone has committed nearly $13 billion in investments in the energy transition and in 2020 announced a plan to reduce carbon emissions by 15% in aggregate within the first three years of ownership across all new investments where Blackstone has control over energy usage.
Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ, added: “For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world.
“Michael Polsky, Jim Murphy and their team raise the bar when it comes to developing and operating sustainable energy solutions, making their company a true innovator and leader in its field. We are delighted to welcome our long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.”