Renewable energy companies could be in-line for a boost after a US asset management giant announced that it has created a new team to invest in the cleantech energy sector.

Renewable energy companies could be in-line for a boost after a US asset management giant announced that it has created a new team to invest in the cleantech energy sector.

The Blackstone Group, a private equity, real estate and alternative investment manager, is to target clean energy businesses following the appointment of James Kiggen.

Kiggen, who joins the group’s private equity team as a senior managing director, is a former senior vice president at AllianceBernstein, where he managed an emerging sciences and technologies research team.

He will be supported by principals Walter Vester and Richard Troyer. Vester is a communication and energy technology company veteran, while Troyer was a sell-side biotechnology research analyst at Credit Suisse First Boston and Piper Jaffray.

The new business will also advise on renewable energy strategies for the whole group.

Blackstone president Tony James said this team’s experience and investment record will make the group a leading cleantech investor.

Senior managing director Garrett Moran added that the team’s understanding of evolving technologies in solar and wind power generation, carbon sequestration, next generation ethanol and other renewables will be a key input in Blackstone’s investment decisions.