Blackstone hires team to develop IPPs

The New York-based alternative asset giant has launched Fisterra Energy, which will identify, develop, finance, construct and operate large-scale independent power projects. The team is led by former Iberdrola Renewables head Pedro Barriuso.

Blackstone, the US alternative asset manager with $205 billion under management, has created a new company, Fisterra Energy, to target the large-scale independent power project (IPP) market in countries with “capacity or transmission shortfalls”.

Fisterra – which is owned by funds managed by Blackstone on behalf of private equity investors – will find, develop, finance, construct and operate IPPs in Latin America, Europe and the Middle East. The Fisterra team is led by Pedro Barriuso, the former head of Iberdrola Renewables who helped transform that firm from a start-up in 2002 to a large international renewable energy company by 2006.

The Fisterra team includes executives who built a portfolio of renewable projects for US renewable energy business Element Power, helping the firm achieve positions in the European, North American and Latin American markets. In addition to his stint at Iberdrola, Barriuso was also formerly an executive director at Element Power.

A statement said the Fisterra team has collectively managed the development of more than 25,000 megawatts (MW) of new power projects during the last 15 years and has built more than 8,000MW of power plant projects in more than 15 countries. The team has worked on project development, project financing, long-term supply contracts, M&A transactions, and the operation of energy and infrastructure projects.  

In the statement, Blackstone claimed Fisterra would build on its existing expertise as an owner and investor in the energy sector, including a “substantial” number of power development projects, and its own team’s experience in identifying and developing power projects.

Blackstone invests in the energy sector through its $2.5 billion Blackstone Energy Partners fund, led by David Foley. The firm’s portfolio of power companies includes the likes of Sithe Global, Moser Baer and Monnet.