Blackstone Going Green (BX)

By Douglas A. McIntyre Updated Apr 27, 5:46PM EDT · Published Aug 7, 9:36AM EDT

This morning there was interesting note out of The Blackstone Group (NYSE: BX), although some efforts have already been made down this road. The company has formed a new business group to focus on investments in the cleantech energy sector and will also provide advice on renewable energy strategies across its existing diverse asset base.

The team is being led by James D. Kiggen, who was a Senior VP atAllianceBernstein where he created and managed a research team focusedon emerging sciences and technologies. He built a late-stage venturecapital/growth equity business, investing in innovative cleantechcompanies such as A123Systems, Powerspan and Targeted Growth. Beforethat he was a Managing Director at DJL, then CSFB as an analystcovering public and private technology companies, and he was also aconsultant at McKinsey & Co.

Blackstone is also bringing in two more executives into the group.Blackstone is apparently aiming to become a leading investor in thecleantech space. With an understanding of in solar and wind powergeneration, carbon sequestration, next generation ethanol, and otherrenewables, the private equity firm should be able to pick its projects.

This is a new unit but is not the first nibble into green and cleantechnology. Blackstone has in its portfolio companies Sithe GlobalPower. As we covered,it recently invested in a large German offshore wind farm project. Ifthe company goes very far in this sector, it might even get referred toas Greenstone.

Jon C. Ogg
August 7, 2008

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