Alternative asset manager Blackstone Infrastructure has invested US$1 billion in equity investment in Invenergy Renewables to support its expansion.
This investment builds on a previous US$3 billion investment made last year to help drive an accelerated build-out of the solar and wind developer’s clean energy platform, thus bringing the total investment from Blackstone to US$4 billion.
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The additional equity capital from Blackstone will help Invenergy accelerate the execution of its existing project portfolio as well as its new business initiatives, according to Jim Murphy, president and corporate business leader at Invenergy.
Among the new business ventures the company has established this year is the partnership with solar module manufacturer LONGi to build a 5GW module assembly plant in Ohio, with a US$600 million investment from Invenergy.
Moreover, last year the company entered the community solar market by partnering with US-based investment platform Lafayette Square to form a joint venture (JV) that will develop and operate PV plants primarily serving low- to moderate-income (LMI) communities and areas disproportionately affected by the clean energy transition. Named Reactivate, the company will aim to develop 3GW of renewables by 2030.
Matthew Runkle, senior managing director at Blackstone Infrastructure, said: “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.”
