Funds controlled by investment and advisory firm Blackstone formed a partnership on Monday with PQ Energy, a newly formed, Switzerland-based power generation company founded by ex-employees of power generation corporation ABB.
PQ will use the financing provided by Blackstone to acquire or develop power generation facilities across Europe, and has stated that it is open to partnering with existing plant owners looking to diversify their assets.
Rolf Kehlhofer, formerly the president of ABB, will take up the same position at PQ, while PQ’s chief executive officer will be Dominique Candrian, the ex-vice president of ABB’s corporate venturing fund, ABB Energy Ventures.
David Foley, chief executive officer of one of the funds, Blackstone Energy Partners, said: "The majority of the capital that Blackstone funds have invested in the energy sector has involved backing outstanding management teams to start businesses that address opportunities we see in the market and to build them to scale. We are excited to partner with Rolf, Dominique and the high quality team of experienced professionals at PQ Energy in this venture."
The financing follows Blackstone partially funding the building of Meerwind, a wind farm to be based off the German shore, in August last year, through affiliates of two of its funds. Although a number of commercial lenders participated, Blackstone was the only equity investor in the project.