Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

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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Onyx will finance, build and run "utility scale" wind and solar renewable power projects in the U.S. and Canada. Blackstone, which manages nearly $300 billion overall, has invested approximately $7 billion of equity in energy projects, according to the firm. Economics of the deal were not disclosed.

Solops has developed more than 100MW of new renewable power projects over the last three years, including the development of a large solar facility in Lopatcong, New Jersey.