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.”
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.
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