Blackstone Teams with Former Iberdrola Renewables Management Team to Found New Energy Development Company

  Blackstone Teams with Former Iberdrola Renewables Management Team to Found
  New Energy Development Company

Business Wire

NEW YORK -- January 23, 2013

Blackstone (NYSE:BX) today announced a partnership with a highly experienced
management team, led by Pedro Barriuso, the former Executive Chairman at
Element Power and former head of Iberdrola Renewables, to create Fisterra
Energy (“Fisterra”), 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 Pedro Barriuso, the Fisterra team has a proven track record of
identifying project development and acquisition opportunities that create
substantial value for investors. The team has collectively managed the
development of more than 25,000 MW of new power projects during the past 15
years and has successfully 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 first-class global 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, Pedro Barriuso and his team
transformed Iberdrola Renewables from a start-up in 2002 into the leading
international renewable energy company by 2006. The team was responsible for
the acquisition of approximately 3,000 MW of wind power in Europe and Latin
America; the award, construction and operation of more than 5,000 MW in
combined cycle gas plants and over 3,000 km of high voltage lines and
substations throughout the world and the development and construction of over
1,500 MW of wind projects all over Europe, the U.S. and Latin America.

Sean Klimczak, a Senior Managing Director of Blackstone with responsibility
for Blackstone's investments in the power sector, said, “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.”

Pedro Barriuso, Fisterra's Chairman and CEO, said, “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.”

About Blackstone

Blackstone is one of the largest alternative asset managers in the world, with
more than $205 billion in assets under management, and is a leading global
private equity firm and energy private equity franchise. Since its inception
in 1985, Blackstone has invested over $42 billion of equity in
172transactionsacross the globe. Blackstone is currently investing out of
Blackstone Capital Partners VI (“BCP VI”), a $16.7 billion diversified general
purpose private equity fund, and Blackstone Energy Partners (“BEP”), a $2.5
billion energy-focused private equity fund. Blackstone’s private equity
investments in the energy sector are funded jointly by BEP and BCP VI, which
together represent over $5 billion of equity capital allocated to energy.

Overthelast decade, Blackstone has built a leading energy sector private
equity investing franchise with an extensive track record of investing in
partnership with talented management teams seeking to capitalize on their
growth opportunities and realize the full potential of their assets. Led by
David Foley, the Chief Executive Officer of BEP, this dedicated team of
professionals has committed and invested more than $7.5 billion of equity in
over 25 energy transactions, across a broad range of geographies and
throughout the energy value-chain: upstream, midstream, services & equipment,
downstream and power. Power companies represent a significant share of
Blackstone’s capital commitments to the energy sector and remain a key focus
area for new investments. Blackstone’s current portfolio of power investments
includes: Sithe Global, Moser Baer, Monnet, Global Offshore Wind and PQ
Energy.

Further information is available atwww.blackstone.com. Follow us on Twitter
@Blackstone.

Contact:

Blackstone
Christine Anderson, 212-583-5182
Christine.anderson@blackstone.com
 
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