Global Infrastructure SherpaBlackstone Infrastructure Partners consortium acquires 1,365 MW renewables portfolio from American Electric Power for $1.5 billion
USD1.5B
Deal Value
1365 MW
Capacity
A consortium including Blackstone Infrastructure Partners, Invenergy, and CDPQ, operating as IRG Acquisition Holdings (IRGAH), acquired a 1,365-megawatt unregulated contracted renewables portfolio from American Electric Power for an enterprise value of $1.5 billion. This strategic acquisition expands the consortium's renewable energy footprint and was supported by a first-of-its-kind $580 million PTC tax credit transfer, demonstrating innovative financing in the sector.
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Counterparts (6)
Buyer
Blackstone
Blackstone is the world's largest alternative asset manager, serving institutional and individual investors by building strong businesses that deliver lasting value. They invest in dynamic sectors positioned for long-term growth, leveraging their scale and operational expertise to drive transformation and create value.
I
IRG Acquisition Holdings (IRGAH)
Partner
Invenergy
Invenergy is a leading developer and operator of sustainable energy solutions, with a focus on wind, solar, and energy storage projects. They have a strong track record of developing and operating large-scale energy projects across North America and beyond.
Caisse de dépôt et placement du Québec (CDPQ)
CDPQ is a global investment group managing funds for public and parapublic pension and insurance plans in Quebec. It is a long-term investor in infrastructure, focusing on essential assets that generate stable and predictable returns. CDPQ actively invests across various sectors including energy transition, digital infrastructure, and transport, with a global footprint.
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Subscribe from €20/mo →Deal Analysis
The Blackstone Infrastructure, Invenergy, and CDPQ consortium, IRGAH, is set to acquire American Electric Power's 1,365 MW renewables portfolio for $1.5 billion, demonstrating a creative approach to financing. A first-of-its-kind $580 million PTC tax credit transfer underpinned the deal, highlighting innovative structures emerging in the sector. This acquisition allows AEP, a major utility, to divest unregulated assets while a dedicated infrastructure investor like Blackstone, paired with Invenergy's development track record and CDPQ's long-term capital, significantly expands its renewable energy footprint in the US.
- $1.5 billion enterprise value for 1,365 MW hybrid renewables.
- First-of-its-kind $580 million PTC tax credit transfer.
- Blackstone Infrastructure, Invenergy, and CDPQ form IRGAH for the acquisition.
- American Electric Power divests unregulated portfolio.
Timeline
Announced
Aug 1, 2023
Signed
Closed
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