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ClearGen, backed by Blackstone Credit's Sustainable Resources Platform, announced a significant investment in a portfolio of interests across 25 wind farms, totaling 1.4 GW of generation capacity in the U.S. Goldman Sachs' Asset Management provided tax equity for this acquisition from MUFG. ClearGen’s CEO expressed enthusiasm for enhancing their renewable energy portfolio, emphasizing the strategic partnership’s role. Goldman Sachs highlighted its longstanding commitment to renewable energy investment. The transaction aims to bolster sustainable energy efforts and support energy transition initiatives.
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Acquisition of interests in 25 wind farms with 1.4 GW capacity enhances ClearGen's renewable portfolio.
Strategic partnership with Goldman Sachs expected to drive future renewable energy investments.
Increased scale of operations may lead to potential revenue growth for ClearGen.
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NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)--
ClearGen LLC, a portfolio company of Blackstone Credit’s Sustainable Resources Platform, announced an investment in a portfolio of partnership interests in 25 wind farms totaling 1.4 net GW of existing generation capacity throughout the United States. The Sustainable Investing Group within Goldman Sachs’ Asset Management (Goldman Sachs) provided tax equity to ClearGen to support the acquisition of the interests from MUFG.
“ClearGen is excited to provide a unique solution to MUFG by utilizing Blackstone Credit’s efficient cost of capital and the partnership with Goldman,” said Rob Howard, ClearGen’s CEO. “The transaction adds significant scale to our portfolio of diversified, contracted renewable energy holdings.”
“Goldman Sachs is pleased to partner with ClearGen and the Blackstone Credit team on the acquisition of MUFG’s wind portfolio,” said Vikas Agrawal, Managing Director, Goldman Sachs. “Goldman has been an investor in renewable energy projects for almost two decades and is excited to have the opportunity to substantially increase its commitment to the renewable energy sector through this investment.”
MUFG was represented by CCA Capital LLC, and ClearGen and Goldman Sachs were represented by CohnReznick Capital. As part of the transaction, Bank of America, Crédit Agricole Corporate and Investment Bank and Societe Generale provided financing to ClearGen. Legal representation included Mayer Brown for ClearGen, O’Melveny & Meyers for Goldman Sachs and Milbank for MUFG and the lenders.
About ClearGen
ClearGen is empowering the transition to a more sustainable energy future. In partnership with Blackstone, ClearGen works with partners to support the energy transition by offering efficient and reliable capital solutions. By combining smart and flexible financing with unmatched industry expertise, ClearGen will lead the way to a new era of energy outcomes. At ClearGen, we bring capital to projects that deliver results and make the world a cleaner place. Visit www.clear-gen.com to learn more.
About Blackstone Credit and Sustainable Resources Platform
Blackstone Credit is one of the world's largest credit-focused asset managers, with $234 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone Credit’s Sustainable Resources Platform is focused on investing in and lending to renewable energy companies and those supporting the energy transition and climate change solutions. Blackstone sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions over the next decade across its businesses.
About Goldman Sachs
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time.
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,400 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english
