New York, New York, June 18, 2015.
Blackstone (NYSE: BX), together with its portfolio company Onyx Renewable Partners (“Onyx”), is pleased to announce a partnership between Onyx and Corvias Solutions (“Corvias”) to implement renewable energy offerings across the Corvias Group’s public-private partnership portfolio, including Department of Defense, higher education, and municipal partnerships.
Corvias provides long-term and sustainable partnership-based solutions for the program, construction, and asset management of military and student housing and public infrastructure. By implementing an environmentally responsible and at scale renewable solution, Onyx and Corvias are assisting public institutions such as the U.S. military in their efforts to create more resilient and sustainable power solutions as well as greater energy cost savings and predictability.
Onyx is owned by funds managed by Blackstone and was established in October 2014 to identify and to develop North American renewable power projects. Blackstone has been a long-time supporter of U.S. military service members and their families, pledging in April 2013 to hire 50,000 veterans across its portfolio over five years.
Matt Rosenblum, Chief Executive Officer of Onyx, said, “It is a privilege to partner 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. This infrastructure will enable efficient and sustainable energy solutions and provide significant cost savings for years to come.”
Greg Cannito, Managing Director of Corvias Solutions, said, “We are excited to partner with Onyx and Blackstone in offering tailored solar power solutions to our portfolio of public-private partnerships nationwide. 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.”
Sean Klimczak, a Senior Managing Director of Blackstone who oversees Blackstone's power and natural resources investments, said, “We are very pleased to have this opportunity to work together with Corvias in supporting their innovative public partners. 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.”
About Corvias Group
Corvias Group is a privately-owned company that strives to tackle tough, large-scale challenges through trusted partnerships that put client interests first; focus more on performance than profit; and, produce sustainable long-term solutions. Three business divisions deliver our mission of Living Made Better – Corvias Military Living, Corvias Campus Living and Corvias Solutions. We work on behalf of the U.S. military, colleges and universities, and public sector agencies to develop tailored solutions that remedy some of America’s most challenging deficiencies in infrastructure and facilities caused by chronic underinvestment. All Corvias Group companies are governed by three core principles: Be the best provider of service; be the best place to work; and, generously give back to the communities where we live and serve. Corvias (kor-vee-us) Group is headquartered in East Greenwich, R.I. www.corvias.com
About Onyx Renewables
Onyx is a renewable energy development company established by funds managed by Blackstone Energy Partners that is focused on greenfield development in the North American solar and wind sectors. The Onyx team brings over 100 years of collective industry experience and perspective, having developed more than 760 MW of renewable projects. As a full service firm with capabilities including development and construction through financing and operations, Onyx is able to provide creative solutions to large energy users and land owners in North America. Onyx prides itself on its ability to bring together exceptional talent with deep industry knowledge to solve challenging issues for customers looking to maximize renewable power generation. Onyx Renewables is headquartered in New York City. www.onyxrenewables.com
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on Blackstone’s industry expertise and partnerships with exceptional management teams. Blackstone has invested approximately $8 billion of equity globally across a broad range of sectors within the energy industry.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets, and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory, and fund placement services.
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