US-based power project developer Invenergy has received a follow-on equity investment of $1bn from funds managed by Blackstone Infrastructure Partners to support its business expansion.

The investment will be used to support its business growth in the US and overseas markets.

It will also enhance the company’s project portfolio, which includes solar and wind farms, energy storage facilities and high-voltage direct current interregional transmission lines.

In January 2022, Blackstone announced plans to invest $3bn in Invenergy Renewables Holdings to expedite its renewable development activities.

With this latest capital infusion, its investment in Invenergy’s renewables business is approaching $4bn.

Blackstone senior managing director Matthew Runkle stated: “We are proud to support the continued growth of Invenergy’s business.

“Invenergy has a premier platform for developing, owning and operating clean energy projects, and we are excited to continue supporting the realisation of these projects and their important contribution to decarbonising the energy sector.”

Invenergy’s ownership includes Blackstone, CDPQ and Invenergy management.

Invenergy president and corporate business leader Jim Murphy stated: “The additional equity capital from Blackstone will help accelerate the execution of our existing project portfolio and our new business initiatives.

“We greatly value our long-term relationship with Blackstone and CDPQ, and look forward to continuing to lead the clean energy transition with the support of these trusted partners.”

The New York Power Authority and energyRe, along with their contractor Invenergy, completed the 103.9MW Number Three wind farm in New York in May 2023.