February 28, 2022
Invenergy and energyRe Secure Offshore Wind Lease Award and Announce Formation of Investor Consortium
Only American-led project secures one of the largest leases awarded in the New York Bight auction
CHICAGO (February 28, 2022) — Invenergy Wind Offshore LLC, led by project sponsors Invenergy and energyRe, was named provisional winner for an 83,976-acre area of seabed by the U.S. Bureau of Ocean Energy Management (BOEM). The winning bid of $645 million secured lease OCS-A 0542, one of the largest awarded in the New York Bight offshore wind lease sale. The project sponsors bring together decades of expertise in development, engineering, and construction of large-scale renewable generation projects. Invenergy will serve as lead developer of the project. A consortium of investors led by the sponsors and composed of Blackstone Infrastructure Partners (NYSE: BX), CDPQ, FirstLight Power, and Ullico Infrastructure Fund will provide funding for the project.
“For more than twenty years, Invenergy has leveraged our deep technical expertise to lead the renewable energy transition in the United States and around the world,” said Michael Polsky, Invenergy Founder and CEO. “The U.S. offshore market is the next frontier in the clean energy revolution, and we are proud to have the opportunity to increase American competitiveness in the global offshore market as we build a sustainable world.”
“energyRe is at the forefront of the global clean energy revolution, and we are proud to bring our decades of industry leadership to the fight for a more resilient future,” said Jeff Blau, Chairman of energyRe. “Our all-American, all-renewable enterprise is ready to deliver reliable clean energy directly to our communities and ignite economic opportunity and job creation in the fast-growing green economy.”
Matthew Runkle, Senior Managing Director in the Infrastructure Group at Blackstone, said, “We are thrilled to continue our partnership with Invenergy into the offshore wind market where Blackstone has successfully invested in generation and transmission projects for over a decade in the U.S. and Europe. This is an important investment in clean energy infrastructure for the NY/NJ region and we look forward to working with all stakeholders on the successful development of the project.”
Emmanuel Jaclot, Executive Vice President and Head of Infrastructure at CDPQ, said, “CDPQ is pleased to join forces with its long-term partner Invenergy as well as several leading investors to further accelerate the energy transition in the United States. Following investments by CDPQ in offshore wind in Europe and Asia, this transaction is another important step towards achieving our commitment to reduce by 60% the carbon intensity of our portfolio by 2030.”
“FirstLight Power is proud to support Invenergy Wind Offshore’s successful participation in the historic New York Bight auction as a significant financial sponsor,” said Alicia Barton, President and CEO of FirstLight. “We are excited to be part of this outstanding consortium of partners that will deliver new offshore wind to help meet the Biden administration’s goal of reaching 30 gigawatts of offshore wind energy by 2030.”
“Ullico is excited to partner with Invenergy, energyRe, and the investor consortium on the successful pursuit and development of the New York Bight lease area,” said Edward M. Smith, President and CEO of Ullico Inc. “The investment demonstrates Ullico’s commitment to support the development of projects that provide clean, sustainable energy across North America and creating jobs for skilled union workers.”
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland, and Scotland.
Invenergy and its affiliated companies have successfully developed more than 30,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation and advanced energy storage projects. Learn about Invenergy at Invenergy.com.
energyRe, LLC is a leading, independent clean energy company with offices in New York and Houston. energyRe is focused on solving complex challenges and providing clean energy solutions. The executive management team at energyRe is comprised of former executives of EDP Renewables, one of the most prolific developers of renewable energy in North America. The team has developed and built more than 8,800 MW of wind, solar and storage facilities in the United States, Canada, and Mexico. Other members of the team have expertise in infrastructure, engineering, and development, having led the development of $60 billion in projects – including Hudson Yards and the Deutsche Bank Center in New York City. energyRe’s founding investors include principals of Related Companies, the nation’s most prominent privately-owned real estate firm and one of the country's largest creators and preservationists of affordable housing. energyRe is guided by the values of community engagement, government partnership, and a demonstrated commitment to sustainability.
About Blackstone Infrastructure Partners
Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2021, CDPQ’s net assets totaled CAD 419.8 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
About FirstLight Power
FirstLight Power (FirstLight) is a leading clean power producer and energy storage company in New England with a portfolio that includes nearly 1,400 megawatts of pumped-hydro storage, battery storage, hydroelectric generation, and solar generation – the largest clean energy generation portfolio in New England today. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight provides stewardship of and recreational access to 14,000 acres of land and waters along the Connecticut, Housatonic, Shetucket, Still, and Quinebaug Rivers. To learn more, visit www.firstlightpower.com.
For more than 90 years, Ullico has provided financial and insurance products and services to meet the needs of union employers and employees. In 2010, Ullico launched an investment fund to assist in the construction, maintenance and refurbishment of America's infrastructure. The fund currently has over $4 billion in investor commitments on behalf of over 200 investors, with 21 portfolio investments across water, wastewater, telecommunications, electricity transmission, power generation, transportation and gas transmission sub-sectors and is exploring opportunities in all infrastructure related sub-sectors.
From insurance products that protect union members, leaders and employers, to investments in building and infrastructure projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes: The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC (Member FINRA/SIPC); and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
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Beth Conley, Invenergy
Amy Varghese, energyRe
Conrad Harrington, CDPQ
Len Greene, FirstLight Power
Corinne Houlihan, Ullico