Behemoth Investor To Fund Utility-Scale Renewable Energy Development Firm


Blackstone, a global investment firm with $7 billion under investment across a broad range of energy sectors, says it will partner with experienced management to create Onyx Renewable Partners.

According to Blackstone, Onyx's primary focus will be to develop, finance, construct and operate utility-scale wind and solar renewable power projects in North America. Onyx will leverage Blackstone's greenfield infrastructure experience, which includes more than $25 billion of projects over the past decade.

The Onyx team, Blackstone notes, will by led by Matthew Rosenblum, founder and CEO at Solops LLC, and combines management and technical capabilities covering all aspects of project development, financing, long-term supply contract negotiation, and construction and operation of energy and infrastructure projects.

With this expertise, the team has built a portfolio of solar projects for Solops, achieving a significant position in markets across the U.S. and Canada and creating substantial value for investors, notes Blackstone. Over the past three years, the team collectively managed the development of more than 100 MW of new renewable power projects.

Notably, Blackstone says the team was responsible for the development and financing of the second-largest privately owned, net-metered solar system in the Western Hemisphere in Lopatcong, N.J.

The company will become an affiliate of Blackstone portfolio company, Fisterra Energy. Onyx will be owned by funds managed by Blackstone on behalf of its private equity investors.

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