NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE: BX) announced today a solar program that has the potential to cut energy costs by approximately 10% and improve environmental performance across the portfolio of companies and real estate assets it manages on behalf of its investors. This collaborative initiative by Blackstone’s Private Equity, Real Estate, and Advisory businesses is part of an ongoing effort to focus on sustainability across the firm for companies it manages and advises.
The program will install solar panels and systems on the rooftops of select portfolio companies. Installation of these systems is free of charge and they will be owned, operated, and maintained by third party investors in order to minimize operational and economic barriers. Portfolio companies will buy solar power via long-term power purchase agreements, estimated to significantly lower their power costs upon system startup.
Blackstone has selected Smart Energy Capital to support project development and maintenance.
“The scale that Blackstone brings to their program allows an opportunity to collapse both cost structure and project timeline. With over 300 megawatts in US projects in our pipeline, we have the ability to drive project economics to maximize uptake,” said Rob Krugel, Managing Partner of SEC.
“Blackstone’s latest sustainability initiative complements our ongoing success in reducing energy costs and driving environmental performance improvement across our portfolio,” said Don Anderson, Blackstone’s Chief Sustainability Officer. “Our portfolio companies and clients can easily take advantage of this program to speed the application of renewable technologies across our retail, industrial, and hospitality companies.”
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
About Smart Energy Capital:
Smart Energy Capital is a finance, investment and development company focused on the commercial and small utility segments of the solar PV industry in North America. The Company enables its customers to consume solar generated electricity without a capital investment and with a reduction in their electricity costs and enables its investors to realize attractive, risk-adjusted returns. The Company has completed over 70 megawatts of projects and deployed over $250 million of project capital for public and private schools and universities, municipalities, commercial entities, investor owned utilities, municipal utilities and electric cooperatives. The Company is headquartered in White Plains, NY and maintains an additional office in Portland, OR. Further information is available at www.smartenergycapital.com.