Riverstone Holdings has made a growth investment in Intrinergy with its second renewable and alternative energy fund. Intrinergy specializes in biomass sourcing, processing and delivery as well as biomass energy production for large-scale utility and industrial customers worldwide. Riverstone and Carlyle's Renewable & Alternative Energy Fund II has raised $3.4 billion.
Private equity has not been slow to recognize alternative energy opportunities, having made investments in 55 alternative energy equipment companies since the beginning of 2005, according to the PitchBook Platform. 2008 was the most active year for the industry with 24 deals, likely a result of the run up in oil prices and other traditional energy resource prices. However, PE firms are showing that they continue to believe in alternative energy despite the decline in oil prices as there were 12 deals last year and 4 already this year. The three most active investors in the industry have been U.S. Renewables Group (6), ArcLight Capital Partners (5) and Riverstone (5).