Onyx Renewable and Corvias form strategic alliance

Blackstone portfolio company Onyx Renewable Partners and Corvias Solutions plan to implement solar offerings across Corvias’ P3 portfolio.

In a move that Corvias Solutions believes will add value to its portfolio of North American assets, the company announced Thursday that it has accepted an offer to form a partnership with Blackstone Energy Partners portfolio company Onyx Renewable Partners.

“We are excited to partner with Onyx and Blackstone in offering tailored solar power solutions to our portfolio of public-private partnerships (PPPs; P3s) nationwide,” said Corvias Solutions managing director Greg Cannito. “By doing so, we will be able to deploy solar as additional value to each of our projects, reducing costs, and supporting our public partners in meeting their energy and sustainability goals.”

Onyx is owned by funds managed by Blackstone Energy Partners and was established in October 2014 to identify and develop North American renewable power project opportunities, according to a related release.

Through the partnership between Onyx and Corvias, which aims to provide long-term and sustainable partnership-based solutions for development, construction and management of military and student housing and public infrastructure projects, the two companies plan to assist public institutions including the US military in their efforts to create more resilient and sustainable power solutions, greater cost savings, and predictability.

“It is a privilege to work with Corvias to deliver comprehensive solar generation across its portfolio to support their public partners, such as the Department of Defense, in achieving their renewable energy goals,” said Onyx CEO Matt Rosenblum. “This infrastructure will enable efficient and sustainable energy solutions and provide significant cost savings for years to come.”

Through Blackstone Energy Partners, Blackstone has invested approximately $8 billion of equity globally across the energy sector. In total, Blackstone currently maintains over $300 billion in assets under management.

Sean Klimczak, a senior managing director of Blackstone who oversees power and renewable investments said, “We believe these next-generation renewable energy projects have enormous potential to improve the quality of life for US military service members and their families, students, and municipality residents alike.”

As yet, there is no information available as to the scale, cost, and expected returns related to the alliance.