Blackstone Teams With Former Iberdrola Renewables Management Team To Found New Energy Development Company

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.

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