Blackstone Injects $1B More Into Invenergy, Raising Total Stake To $4B To Propel Business Initiatives

Chicago-based Invenergy, a privately-held developer, owner and operator of sustainable energy solutions, announced on Wednesday that funds managed by Blackstone Infrastructure Partners (NYSE:BX) made an additional $1 billion equity investment in the company.

The investment adds to the nearly $3 billion Blackstone invested in Invenergy’s Renewables business in 2021 and 2022, bringing its total investment to nearly $4 billion.

"Invenergy has a premier platform for developing, owning, and operating clean energy projects and we are excited to continue supporting the realization of these projects and their important contribution to decarbonizing the energy sector," Blackstone Infrastructure Senior Managing Director Matthew Runkle said in a press release.

Invenergy plans to leverage the investment to accelerate its growth both domestically and worldwide, as well as to advance its portfolio of projects, which include solar and land-based wind farms, advanced energy storage facilities, offshore wind projects, among others.

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The move comes after the company’s partnership, IRG Acquisition Holdings, backed by Blackstone and global investment group CDPQ, acquired American Electric Power Inc’s (NASDAQ:AEP) 1,365-megawatt unregulated, contracted renewables portfolio in a $1.5 billion enterprise value deal, inclusive of project debt, earlier this year.

The acquisition included 14 projects spread across 11 states, consisting of 1,200 MW of wind generation and 165 MW of solar projects.

Invenergy’s ownership now includes Blackstone, CDPQ, and Invenergy’s management team, who will continue to manage day-to-day operations. Jim Murphy, President and Corporate Business Leader at Invenergy said, "the additional equity capital from Blackstone will help accelerate execution of our existing project portfolio and our new business initiatives."

Invenergy has a track record of developing over 30,000 megawatts of projects globally that are either operational, under construction, or contracted. The company’s ongoing projects include wind, solar, transmission infrastructure, natural gas power generation, and advanced energy storage initiatives, according to the release.

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