Blackstone backs 'utility scale' wind, solar power

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Mega investment firm Blackstone Group announced a partnership Tuesday to develop large North American wind and solar projects.

Blackstone will team with renewable power developer Solops to create Onyx Renewable Partners. Onyx will be a new affiliate of Blackstone portfolio company Fisterra Energy and will be owned by funds managed by Blackstone on behalf of its private equity investors. Solops founder Matt Rosenblum will be Onyx's CEO.

"Onyx will expand Blackstone's and Fisterra's existing global footprint, add new renewable generation to our nation's grid and create value for all stakeholders involved," Sean Klimczak, a senior managing director who oversees Blackstone's power investments, said in a statement.

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