North America PV News Snippets

Blackstone To Invest $3 Billion In Invenergy Renewables… & More

North America PV News Snippets

Invenergy Renewables will deploy Blackstone’s $3 billion capital to accelerate its renewables development plans. Pictured is the company’s Grand Ridge solar project. (Photo Credit: Invenergy)

  • Blackstone is investing $3 billion equity in Invenergy Renewables through Blackstone Infrastructure Partners
  • Massachusetts DPU has issued an order that should increase the state’s solar target under SMART from 1.6 GW to 3.2 GW
  • iSun increases commercial segment order backlog to $38.9 million after landing a $29.3 million contract
  • Shoals will pursue distributed renewable energy generation and EV charging solutions opportunities with Luminace

Invenergy has secured Blackstone as an investor, SEIA says Massachusetts is increasing its solar target to 3.2 GW, a $29.3 million contract ups iSun’s commercial segment order backlog to $38.9 million, and Shoals enters a strategic agreement with Luminace.

Invenergy gets Blackstone as investor: Invenergy Renewables Holdings LLC has secured Blackstone Inc. as a new equity investor after the global alternative asset manager and investor committed $3 billion to the renewable energy company. Blackstone will acquire stake worth $3 billion from Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management who continue to remain majority owners in the company. Invested through Blackstone Infrastructure Partners, the Blackstone proceeds will provide capital to Invenergy to accelerate Invenergy’s renewables development activities. Blackstone said since 2019 it has now committed nearly $13 billion in investments that are consistent with broader energy transition. In August 2021, Blackstone Energy Partners pledged up to $500 million capital commitment in solar tracker maker Array Technologies to acquire 5.8% stake (see Revenue Up, Gross Margin Down For Array Tech. In Q2/2021).

Massachusetts expands solar target: The Department of Public Utilities (DPU) in Massachusetts has expanded the state’s solar target under Solar Massachusetts Renewable Target (SMART) from 1.6 GW to 3.2 GW. It will allow over 175 MW solar projects to move forward. According to the Solar Energy Industries Association (SEIA), the order will come into effect on January 14, 2022. SEIA’s Senior Director of State Policy David Gahl explained, “These solar projects are a key part of the Commonwealth’s plan to reach net-zero carbon emissions. Despite this positive outcome, serious questions remain about the DPU’s ability to issue timely orders.” He added, “In the future, the DPU needs to move much faster if we want the Commonwealth to reach its decarbonization goals by mid-century.”

iSun bags solar canopies order: Clean mobility infrastructure company iSun, Inc. has landed a job to design and deliver around 1,780 off-grid solar canopies to be located at charging stations. This is the company’s largest electric vehicle (EV) infrastructure contract to date. To begin with, it targets to initially deliver 450 canopies in 2022. With this $29.3 million contract, iSun said its commercial segment backlog increases from $9.6 million to $38.9 million.

Shoals to pursue distributed RE & EV charging: US solar balance of system (BOS) solutions provider Shoals Technologies Group, Inc. has entered a strategic agreement with distributed energy company Luminace to pursue distributed renewable energy generation and electric vehicle (EV) charging solutions across the US. The duo will collaborate on providing all development, operational and technical solutions at no upfront cost to the end customer.

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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