Blackstone Infrastructure, an alternative asset manager, has announced a significant equity investment of $1 billion in Invenergy Renewables, reinforcing its commitment to support the company's expansion plans. This latest investment follows a previous funding of $3 billion made last year, marking a total investment of $4 billion by Blackstone in the clean energy platform.
The infusion of additional equity capital from Blackstone will play a pivotal role in accelerating the execution of Invenergy's existing project portfolio and new business initiatives, as stated by Jim Murphy, the president and corporate business leader at Invenergy.
One notable endeavor established by Invenergy this year is its collaboration with solar module manufacturer LONGi. Together, they will construct a 5GW module assembly plant in Ohio, with an investment of $600 million from Invenergy. This strategic partnership aims to enhance the production of solar modules and contribute to the growth of clean energy infrastructure.
Moreover, Invenergy made a significant move into the community solar market last year by teaming up with US-based investment platform Lafayette Square. The joint venture, named Reactivate, focuses on developing and operating photovoltaic (PV) plants primarily serving low- to moderate-income (LMI) communities and areas disproportionately affected by the clean energy transition. The company's ambitious goal is to develop 3GW of renewable energy capacity by 2030.
Expressing his enthusiasm, Matthew Runkle, senior managing director at Blackstone Infrastructure, praised Invenergy's exemplary platform for clean energy project development, ownership, and operation. He emphasized Blackstone's commitment to supporting these projects and their vital contribution to decarbonizing the energy sector.
With the substantial investment from Blackstone Infrastructure, Invenergy Renewables is poised for accelerated growth and will continue to play a significant role in the transition to a sustainable and clean energy future.
