Private Equity Risking the Future Economy by Neglecting Renewable Workers

The report argues that private equity firms are compromising the 'just transition' to a green economy by utilizing temporary staffing models that lower job quality, wages, and safety. It highlights specific cases, such as Blackstone-owned Tradesmen International and American Securities-owned Solv Energy, to illustrate a pattern of OSHA violations, wage theft, and unfair labor practices. The document concludes that implementing portfolio-wide labor standards and increasing unionization are essential to protect workers and mitigate investment risks.

• The solar industry relies heavily on temporary staffing agencies during the construction phase to manage the high labor demand for installation, which then decreases once the facility is operational.
• Temporary staffing models in the renewable sector often lead to lower wages and reduced accountability; for example, temp workers in California earn approximately 18% less than direct-hire employees.
• Union density among US solar workers is only 4%, significantly lower than the 10-12% seen in the natural gas, nuclear, and coal power sectors, which limits workers' collective bargaining power.
• Tradesmen International, acquired by Blackstone in 2017, has a record of 20 OSHA violations and 121 wage and hour violations resulting in $128,244 in back wages owed to 72 employees.
• Tradesmen International was found by the Washington state Attorney General in July 2022 to have used illegal non-compete agreements to prevent workers from securing permanent jobs, leading to $287,100 in restitution.
• Solv Energy, owned by American Securities, has faced six OSHA citations since December 2021, including one violation associated with a worker's death in California.
• Some temp agencies are accused of exploiting the federal Work Opportunity Tax Credit (WOTC) by employing workers for as little as 120 hours to claim credits without providing long-term employment.
• The New York State Common Retirement Fund has adopted a Responsible Workforce Management Policy and Principles to require private equity managers to follow 12 labor standards.

APA

Private Equity Stakeholder Project (2024). Private Equity Risking the Future Economy by Neglecting Renewable Workers. https://pestakeholder.org/wp-content/uploads/2024/08/PESP_Report_Dark_Side_Green_Energy_2024.pdf

Chicago

Private Equity Stakeholder Project. Private Equity Risking the Future Economy by Neglecting Renewable Workers. 2024. https://pestakeholder.org/wp-content/uploads/2024/08/PESP_Report_Dark_Side_Green_Energy_2024.pdf.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Private Equity Risking the Future Economy by Neglecting Renewable Workers |date=August 2024 |url=https://pestakeholder.org/wp-content/uploads/2024/08/PESP_Report_Dark_Side_Green_Energy_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2024private, author = {{Private Equity Stakeholder Project}}, title = {{Private Equity Risking the Future Economy by Neglecting Renewable Workers}}, institution = {Private Equity Stakeholder Project}, year = {2024}, month = aug, url = {https://pestakeholder.org/wp-content/uploads/2024/08/PESP_Report_Dark_Side_Green_Energy_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }