Blackstone Infrastructure Partners’ US$3 Billion Investment in Invenergy

Sidley and White & Case represented Invenergy on the deal. Kirkland & Ellis represented Blackstone Infrastructure Partners, and Mayer Brown advised Caisse de dépôt et placement du Québec .

Invenergy signed a definitive agreement with Blackstone Infrastructure Partners and Caisse de dépôt et placement du Québec (CDPQ) for an approximately US$3 billion equity investment in Invenergy Renewables Holdings LLC (“Invenergy Renewables”), the largest private renewable energy company in North America, by funds managed by Blackstone Infrastructure Partners. This commitment is one of the largest renewable investments in North American history, and will provide significant capital to drive an accelerated build-out of Invenergy’s clean energy platform. Invenergy management and CDPQ will remain majority owners of the company and Invenergy will continue as managing member.

Invenergy Renewables is one of the largest and most well-respected renewable energy developers, with over 175 projects totaling nearly 25,000 megawatts developed across four continents, focused on long-lasting partnerships with utilities, financial institutions and commercial and industrial customers. The generation projects developed by the company power the equivalent of 8.5 million homes. Invenergy has received numerous industry recognitions, notably a #4 global rank for “Top Power Generators” based on renewables capacity by Energy Intelligence New Energy in 2020. The company’s developed projects have offset approximately 167 million tons of carbon dioxide, or approximately the annual emissions of the state of New York. Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is solving power delivery challenges by advancing some of the world’s most innovative transmission infrastructure projects. The company is building both the largest wind and solar projects in the United States, that combined will deliver nearly 3 gigawatts (GW) of clean energy by 2023.

Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors.

At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. 

The Sidley team was led by partners Tara Higgins (Picture), Christopher R. Hale, and Chaim P. Theil, with assistance from partners Suresh T. Advani, Terence Healey, Christopher Hutchison, Hagai Zaifman, Beth J. Dickstein, Asi Kirmayer, Vincent Brophy, counsel Sarah A. Tucker, associates Leigh Rorick, Cammie Teo, Alex L. Newland, Patrick L. Hogan, Lanna Lan, Ben Yang, Radhika Kannan, Curtis Hart, Jakob Dewispelaere, and Aaron J. King.

The White & Case team was led by partner Gary Silverman (Chicago), and included partners Tal Marnin and Scott Fryman (both in New York), and associates Hannah Craft (Houston) and Keith Boeker (Chicago).

The Kirkland team was led by corporate partners Rhett Van Syoc and Rob Goodin, with help from associates Daniel Cadis, David Jean-Baptiste, Patrick Corrigan, Hunter Richey, Brett Mele and Austin Johnson; debt finance partners Rohit Chaudhry and Jared Joyce-Schleimer and associate Leila Ravi; tax partners Mark Dundon, Michael Masri and Sophia Han; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; executive compensation partner Jared Whalen; and capital markets partner Michael Rigdon.

The Mayer Brown team included: Corporate & Securities partner Paul Crimmins and counsel Susan Rabinowitz; Projects & Infrastructure partners Paul Astolfi and Mark Williams, counsel Heather Feingold and associates Karl Brandt, Kathleen McNeil and Andrea Zambrano; Tax Transactions & Consulting partners James Barry and Daniel Kiely and associate George Haines; Litigation & Dispute Resolution counsel Meytal McCoy and Roger Patrick; and Public Policy, Regulatory & Political Law partner Timothy Keeler and associate Michael Leibner.

Involved fees earner: Brooksany Barrowes – Kirkland & Ellis; Daniel Cadis – Kirkland & Ellis; Rohit Chaudhry – Kirkland & Ellis; Patrick Corrigan – Kirkland & Ellis; Mark Dundon – Kirkland & Ellis; Robert Goodin – Kirkland & Ellis; Sophia Han – Kirkland & Ellis; David Jean-Baptiste – Kirkland & Ellis; Austin Johnson – Kirkland & Ellis; Jared Joyce-Schleimer – Kirkland & Ellis; Michael Masri – Kirkland & Ellis; Brett Mele – Kirkland & Ellis; Leila Ravi – Kirkland & Ellis; Hunter Richey – Kirkland & Ellis; Michael Rigdon – Kirkland & Ellis; Drew Stuyvenberg – Kirkland & Ellis; Rhett Van Syoc – Kirkland & Ellis; Jared Whalen – Kirkland & Ellis; Paul Astolfi – Mayer Brown; James Barry – Mayer Brown; Karl Lander Brandt – Mayer Brown; Paul Crimmins – Mayer Brown; Heather Feingold – Mayer Brown; George Haines – Mayer Brown; Timothy Keeler – Mayer Brown; Daniel Kiely – Mayer Brown; Michael Leibner – Mayer Brown; Meytal McCoy – Mayer Brown; Katy McNeil – Mayer Brown; Roger Patrick – Mayer Brown; Susan Rabinowitz – Mayer Brown; Andrea Zambrano – Mayer Brown; Mark Williams – Morgan Lewis & Bockius; Suresh Advani – Sidley Austin LLP; Vincent Brophy – Sidley Austin LLP; Jakob Dewispelaere – Sidley Austin LLP; Beth Dickstein – Sidley Austin LLP; Christopher Hale – Sidley Austin LLP; Curtis Hart – Sidley Austin LLP; Terence Healey – Sidley Austin LLP; Tara Higgins – Sidley Austin LLP; Patrick Hogan – Sidley Austin LLP; Christopher Hutchison – Sidley Austin LLP; Radhika Kannan – Sidley Austin LLP; Aaron King – Sidley Austin LLP; Asi Kirmayer – Sidley Austin LLP; Lanna Lan – Sidley Austin LLP; Alex Newland – Sidley Austin LLP; Leigh Rorick – Sidley Austin LLP; Cammie Teo – Sidley Austin LLP; Chaim Theil – Sidley Austin LLP; Sarah Tucker – Sidley Austin LLP; Ben Yang – Sidley Austin LLP; Hagai Zaifman – Sidley Austin LLP; Keith Boeker – White & Case; Hannah Craft – White & Case; Scott Fryman – White & Case; Tal Marnin – White & Case; Gary Silverman – White & Case;

Law Firms: Kirkland & Ellis; Mayer Brown; Morgan Lewis & Bockius; Sidley Austin LLP; White & Case;

Clients: Blackstone Infrastructure Partners; Caisse de dépôt et placement du Québec (CDPQ); Invenergy LLC;

Martina Bellini

Author: Martina Bellini