Posted at 7:00 a.m.
Already partners in real estate, the Caisse de dépôt et placement du Québec and the New York firm Blackstone are now teaming up in Invenergy, a growing American producer of renewable energy.
Blackstone has invested US $ 3 billion in shares in the company of which the Caisse de dépôt is the main shareholder. This is one of the largest private investments in renewable energy in North America, according to the Caisse’s head of infrastructure, Emmanuel Jaclot.
The Caisse de dépôt has been investing in Invenergy for almost 10 years and today controls the majority of the shares in the private company. A newcomer to the company’s share capital, Blackstone had already invested 13 billion US since 2019 in activities related to the energy transition.
Blackstone’s US $ 3 billion investment does not reduce the participation of the Fund, which remains the majority shareholder of Invenergy, said a spokesperson for the Fund on Tuesday. The business will continue to be managed by its current leaders.
Another Blackstone company, Transmission Developers, is the Hydro-Quebec partner responsible for the construction of the transmission line that will link Quebec and New York City, the Champlain Hudson Power Express. The two partners were recently chosen by New York State to deliver 1,250 megawatts of electricity to New York City for 25 years, a contract worth tens of billions of dollars.
Invenergy is also participating in New York’s energy transition. The company is part of the consortium chosen to produce and transport 3,800 megawatts of solar and wind power from the north to the south of the state. The construction of a 280 kilometer transmission line is part of this project estimated at 11 billion US and called Clean Path NY.
These two contracts involving Hydro-Québec and the Caisse de dépôt are the two most important contracts awarded by New York for energy infrastructure work in 50 years.
With Blackstone, the Caisse de dépôt wants to further develop Invenergy. The Chicago-based company has already developed 25,000 megawatts of renewable energy projects in North America and around the world. In Quebec, she participated in the development of several wind farms, including the Des Moulins parks, in the Gaspé and in Chaudière-Appalaches.
With assets under management of US $ 731 billion, Blackstone specializes in so-called alternative investments, particularly in real estate and infrastructure.