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Private Equity’s Zero-Emission Bets Rack Up Lots of Zero Returns
Private equity firms face a sober reckoning on their renewable energy bets. Simply put, a lot of those startups aren’t worth nearly what their sponsors paid for them, and some of those zero-emission ventures are just plain zeroes.
It’s a reality check for investors such as BlackRock Inc., Riverstone Holdings and Canada’s Caisse de Depot et Placement du Quebec. They’re finding the buzzy startups they chose just a few years ago in wind and solar energy, electric vehicles and other environmentally friendly fields don’t make money on their own.