Blackstone has partnered with a management team led by Pedro Barriuso, the former executive chairman at Element Power and former head of Iberdrola Renewables, to create Fisterra Energy, a company owned by funds managed by Blackstone on behalf of its private equity investors.
Fisterra’s primary focus will be to identify, develop, finance, construct and operate large scale independent power projects in markets with capacity or transmission shortfalls, with a focus in Latin America, Europe and the Middle East.
Fisterra will leverage Blackstone’s expertise as an active owner/investor in the energy sector, including a substantial number of power development projects, and its own management team’s extensive experience identifying and developing power projects.
Led by Barriuso (pictured), the Fisterra team has collectively managed the development of more than 25,000 MW of new power projects during the past 15 years and has built more than 8,000 MW of power plant projects in more than 15 countries. The team combines management and technical capabilities covering all aspects of project development, project financing, long-term supply contracts, M&A, construction and operation of energy and infrastructure projects.
The team helped to build a portfolio of renewable projects for Element Power, achieving a significant position in markets across Europe, North America and Latin America. As head of Iberdrola Renewables and Iberdrola’s engineering and construction arm, Barriuso and his team transformed Iberdrola Renewables from a start-up in 2002 into an international renewable energy company by 2006.
Sean Klimczak, a senior managing director of Blackstone with responsibility for Blackstone’s investments in the power sector, says: “We are thrilled to have this opportunity to partner with such an exceptional management team to identify and develop power projects in Latin America, Europe and the Middle East. They will complement Blackstone’s expertise, help us expand our reach and create value for investors.”
Barriuso says: “We are delighted that Blackstone has chosen to partner with us in this venture. They have the capital resources, knowledge and relationships in the energy sector to support the company’s management team as we execute a shared vision of identifying and pursuing the best investment opportunities in the energy industry.”
