Blackstone Infrastructure?
Saw that they raised a monster fund recently. Any sense for how they’re doing compared to other major infra players? How would you think about working there vs. say GIP or Stonepeak?
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With renewables, its highly unlikely to find operating assets yielding above 8% IRR. Some funds have been creative here by structuring JVs (or on the funding side) and have been able to boost their returns above that. Presently, I think operating renewables in the US is a core infra play.
Prominent infra players are now more focused on getting development exposure which tends to yield above 10-11% with additional upside on sell-down (if yield compression persists). With development, the key decision is what level of risk are you comfortable with mid-to-late stage seems to the norm with early stage development providing a notable premium.
The YieldCo play is pretty much over; just look at the take-privates that happened in the space over the past 2 years - sponsors have realized that the public market hasnt been able to fully grasp the intricacies of that model and have thus not been valuing them properly.
Platform value I believe lies with developers right now esp. those with a proven track record. If they have a focus on batteries or renewable + battery buildouts, thats a plus as this space will likely pick up significantly over the next few years (imagine the growth if similar federal incentives are offered like with wind and solar).
I definitely think there's opportunities to get good exposure here if you consider the traction energy storage and hydrogen are getting.