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Already real estate partners, Caisse de dépôt et placement du Québec and New York company Blackstone have now merged into Invenergy, a growing U.S. renewable energy producer.
Blackstone has invested US $ 3 billion in shares in the company in which Caisse de dépôt is a major shareholder. According to Emmanuel Jacqueline, head of infrastructure at Gaius, it is one of the largest private investments in renewable energy in North America.
Caisse de dépôt has been investing in Invenergy for almost 10 years and today controls a majority stake in the private company. Blackstone, a newcomer to the company’s share capital, has already invested $ 13 billion in energy conversion-related activities since 2019.
A spokesman for the fund said on Tuesday that Blackstone’s investment of US $ 3 billion would not reduce the share of funds that make up Innergy’s majority shareholder. The business will continue to be managed by its current leaders.
Another Blackstone company, Transmission Developers, is a Hydro-Quebec partner, responsible for the construction of the transmission line connecting Quebec and New York City, the Sampline Hudson Power Express. The two partners were recently selected by the state of New York to supply 1,250 megawatts of electricity to New York City for 25 years, a deal worth tens of thousands of dollars.
Energy is also involved in New York’s energy transformation. The company is part of a consortium selected to generate 3,800 MW of solar and wind power from north to south. Construction of the 280-kilometer transmission line is estimated at US $ 11 billion as part of this project and will be called Clean Route NY.
These two agreements, which include Hydro-Québec and Caisse de dépôt, are the two most important contracts awarded by New York for energy infrastructure work in 50 years.
With Blackstone, Caisse de dépôt wants to further develop innovation. The Chicago-based company has already developed 25,000 MW of renewable energy projects in North America and around the world. In Quebec, he was involved in the development of several wind farms, including the Des Moulins Parks in Caspe and Sauer-Appalachs.
With assets under US $ 731 billion management, Blackstone specializes in so-called alternative investments, especially in real estate and infrastructure.