Blackstone Energy Partners, Blackstone’s energy-focused private equity business, has finalized the acquisition of Toronto-based battery storage solutions NRStor C&I. The former subsidiary of NRStor Inc. has more than 200 megawatt-hours of operational, in-construction and contracted projects throughout Canada.
The acquired four-year-old firm has been created and managed by Fengate Asset Management and Lake Bridge Capital on behalf of the LiUNA Pension Fund of Central and Eastern Canada. It provides energy services under a build-own-operate model. NRStor’s projects include compressed air, flywheel and battery storage facilities, microgrid and Tesla Powerwall installations, according to the company’s website.
The current deal builds on former initiatives Blackstone has invested in, such as a transaction in 2017, when the private equity funds firm also acquired Clarion Events, a London-headquartered firm launched in 1947. The firm is now under Clarion Energy’s umbrella, which is also the parent company of Power Engineering, Renewable Energy World, POWERGRID, Hydro Review, among other energy-focused publications.
Marathon Capital acted as advisor to NRStor C&I, Fengate and Lake Bridge. McCarthy Tetrault and Torys served as their legal counsel.