Blackstone teams with former Solops management team to fund renewables development company

Blackstone has announced a partnership with a highly experienced management team, led by Matthew Rosenblum, the Founder and Chief Executive Officer at Solops, LLC, to create Onyx Renewable Partners.

As a new affiliate of Blackstone portfolio company, Fisterra Energy, Onyx will be owned by funds managed by Blackstone on behalf of its private equity investors.

Onyx’s primary focus will be to develop, finance, construct and operate utility scale wind and solar renewable power projects in North America. Onyx will leverage Blackstone’s extensive greenfield infrastructure experience, which includes in excess of US$25 billion of projects over the past decade.

Led by Matthew Rosenblum, the Onyx team combines management and technical capabilities covering all aspects of project development, financing, long-term supply contract negotiation, M&A, construction and operation of energy and infrastructure projects. With this expertise, the team has built an extensive portfolio of solar projects for Solops, achieving a significant position in markets across the United States and Canada and creating substantial value for investors.

Over the past three years, the team collectively managed the development of more than 100MW of new renewable power projects. Notably, the team was responsible for the development and financing of the second largest privately-owned, net-metered solar system in the Western Hemisphere in Lopatcong, New Jersey.

Matt Rosenblum, Onyx’s CEO, stated:

“It is a privilege to have Blackstone partner with us in this venture given their significant experience and leadership in the development and operations of large-scale infrastructure projects. The firm’s proven success coupled with its substantial capital resources, which, when combined with our existing experiences and relationships in the energy sector, positions us to make an immediate impact on the North American renewables market.”

Sean Klimczak, a Senior Managing Director of Blackstone who oversees Blackstone's power investments, commented:

“We are very pleased to have this opportunity to partner with Matt and the entire Onyx management team to identify and to develop North American renewable power projects. Onyx will expand Blackstone’s and Fisterra’s existing global footprint, add new renewable generation to our nation’s grid and create value for all stakeholders involved.”