Blackstone Teams with Former Iberdrola Renewables Management Team to Found New Energy Development Company
Blackstone (NYSE:BX) today announced a partnership with a highly
experienced management team, led by Pedro Barriuso, the former Executive
Chairman at Element Power and former head of Iberdrola Renewables, to
create Fisterra Energy (“Fisterra”), a company owned by funds managed by
Blackstone on behalf of its private equity investors.
Fisterra’s primary focus will be to identify, develop, finance,
construct and operate large scale independent power projects in markets
with capacity or transmission shortfalls, with a focus in Latin America,
Europe and the Middle East. Fisterra will leverage Blackstone’s
expertise as an active owner/investor in the energy sector, including a
substantial number of power development projects, and its own management
team’s extensive experience identifying and developing power projects.
Led by Pedro Barriuso, the Fisterra team has a proven track record of
identifying project development and acquisition opportunities that
create substantial value for investors. The team has collectively
managed the development of more than 25,000 MW of new power projects
during the past 15 years and has successfully built more than 8,000 MW
of power plant projects in more than 15 countries. The team combines
management and technical capabilities covering all aspects of project
development, project financing, long-term supply contracts, M&A,
construction and operation of energy and infrastructure projects.
The team helped to build a first-class global portfolio of renewable
projects for Element Power, achieving a significant position in markets
across Europe, North America and Latin America. As head of Iberdrola
Renewables and Iberdrola’s engineering and construction arm, Pedro
Barriuso and his team transformed Iberdrola Renewables from a start-up
in 2002 into the leading international renewable energy company by 2006.
The team was responsible for the acquisition of approximately 3,000 MW
of wind power in Europe and Latin America; the award, construction and
operation of more than 5,000 MW in combined cycle gas plants and over
3,000 km of high voltage lines and substations throughout the world and
the development and construction of over 1,500 MW of wind projects all
over Europe, the U.S. and Latin America.
Sean Klimczak, a Senior Managing Director of Blackstone with
responsibility for Blackstone's investments in the power sector, said,
“We are thrilled to have this opportunity to partner with such an
exceptional management team to identify and develop power projects in
Latin America, Europe and the Middle East. They will complement
Blackstone’s expertise, help us expand our reach and create value for
investors.”
Pedro Barriuso, Fisterra's Chairman and CEO, said, “We are delighted
that Blackstone has chosen to partner with us in this venture. They have
the capital resources, knowledge and relationships in the energy sector
to support the company's management team as we execute a shared vision
of identifying and pursuing the best investment opportunities in the
energy industry.”
About Blackstone
Blackstone is one of the largest alternative asset managers in the
world, with more than $205 billion in assets under management, and is a
leading global private equity firm and energy private equity franchise.
Since its inception in 1985, Blackstone has invested over $42 billion of
equity in 172 transactions across the globe. Blackstone is currently
investing out of Blackstone Capital Partners VI (“BCP VI”), a $16.7
billion diversified general purpose private equity fund, and Blackstone
Energy Partners (“BEP”), a $2.5 billion energy-focused private equity
fund. Blackstone’s private equity investments in the energy sector are
funded jointly by BEP and BCP VI, which together represent over $5
billion of equity capital allocated to energy.
Over the last decade, Blackstone has built a leading energy sector
private equity investing franchise with an extensive track record of
investing in partnership with talented management teams seeking to
capitalize on their growth opportunities and realize the full potential
of their assets. Led by David Foley, the Chief Executive Officer of BEP,
this dedicated team of professionals has committed and invested more
than $7.5 billion of equity in over 25 energy transactions, across a
broad range of geographies and throughout the energy value-chain:
upstream, midstream, services & equipment, downstream and power. Power
companies represent a significant share of Blackstone’s capital
commitments to the energy sector and remain a key focus area for new
investments. Blackstone’s current portfolio of power investments
includes: Sithe Global, Moser Baer, Monnet, Global Offshore Wind and PQ
Energy.
Further information is available at www.blackstone.com.
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