NEW YORK--(BUSINESS WIRE)--Onyx Renewable Partners L.P. (“Onyx”) announced today that it has entered into a partnership with Credit Suisse to invest over $300 million to develop, own and finance commercial and industrial sector (“C&I”) solar generation projects. Onyx expects this partnership to facilitate the development of more than 130 megawatts of new C&I solar projects within the next 15 months.
Onyx is an emerging leader in the development and financing of C&I and small scale utility solar projects in North American markets and is owned by funds managed by Blackstone.
"We are excited to announce the closing of this facility with Credit Suisse," said Onyx CEO Matt Rosenblum. "In partnership with Credit Suisse and our sponsor, Blackstone, we are excited to leverage Onyx’s vast experience in the C&I sector to rapidly expand our presence in the space.”
Jerry Smith, a Managing Director at Credit Suisse, said, “We are pleased to have this opportunity to partner with Onyx and Blackstone to help bring renewable solar to businesses, governments, non-profits and other companies across the U.S.”
Sean Klimczak, a Senior Managing Director of Blackstone who oversees Blackstone's power and natural resources investments, said, “Growth in the C&I solar market is ramping up significantly, and we are very pleased to have this opportunity to work together with Credit Suisse to provide solar solutions to even more businesses and organizations.”
Onyx is a renewable energy development company established by funds managed by Blackstone Energy Partners and focused on greenfield development in the North American commercial and industrial solar sectors. The Onyx team brings over 100 years of collective industry experience and its management team has collectively developed more than 760 MWs of renewable projects. As a full-service firm with capabilities including development and construction through financing and operations, Onyx is able to provide creative solar solutions to large energy users and land owners in North America. Onyx prides itself on its ability to bring together exceptional talent with deep industry knowledge to solve challenging problems for customers trying to maximize solar potential. Onyx is headquartered in New York City. www.onyxrenewables.com
Blackstone Energy Partners is Blackstone's energy-focused private equity business, with a successful record built on Blackstone's industry expertise and partnerships with exceptional management teams. Blackstone has invested over $8 billion of equity globally across a broad range of sectors within the energy industry.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $330 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone 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 Blackstone on Twitter @Blackstone.