BlackRock Real Assets Sells Stake in CWS Wind Project to Greenbacker
July 08 2019 - 10:05AM
Business Wire
BlackRock Real Assets (“BlackRock”) has reached an agreement
with Greenbacker Renewable Energy Corporation (“Greenbacker”) for
the sale of its controlling interest in Community Wind South
(“CWS”), a 30.75 MW community-based operating wind project in
Minnesota. The transaction marks another realization for
BlackRock’s Renewable Power platform and gives Greenbacker a
high-quality, long-term contracted renewable asset in the Midwest
power market.
Community Wind South was the first renewable energy
infrastructure investment for BlackRock’s Renewable Power platform,
which was launched in 2012 by funds managed by BlackRock Real
Assets. The wind project is a core infrastructure asset with a
track record of consistent operational performance. It benefits
from stable cash flows through a long-term offtake contract with
Northern States Power, a wholly-owned subsidiary of Xcel Energy,
which serves millions of customers across Minnesota, North Dakota
and South Dakota.
“We are pleased to partner with Greenbacker on this transaction,
which reflects our commitment to outcome-oriented solutions that
meet our partners’ financial objectives and enable the production
and delivery of carbon-free energy,” said David Giordano, Global
Head of Renewable Power at BlackRock. “This transaction further
demonstrates BlackRock’s ability to source complex projects and
commitment to finding value for our clients across the full cycle
of investment in the renewable power sector.”
“Greenbacker is thrilled to acquire Community Wind South, a
well-performing asset that will provide attractive and stable cash
flows to our investors for many years to come,” said Charles
Wheeler, CEO of Greenbacker. “We are grateful for the opportunity
to develop a relationship with BlackRock and are excited to support
Xcel Energy and the State of Minnesota with their respective
ambitious clean energy targets.”
Skadden, Arps, Slate, Meagher & Flom LLP is the legal
advisor on this transaction for BlackRock. Stoel Rives LLP is the
legal advisor to Greenbacker.
About BlackRock
BlackRock helps investors build better financial futures. As a
fiduciary to investors and a leading provider of financial
technology, our clients turn to us for the solutions they need when
planning for their most important goals. As of March 31, 2019, the
firm managed approximately $6.52 trillion in assets on behalf of
investors worldwide. For additional information on BlackRock,
please visit www.blackrock.com | Twitter: @blackrock | Blog:
www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock.
About BlackRock Real Assets
In today’s dynamic and complex global investing market, we seek
to help our clients’ access real assets that could help meet their
investment goals by providing a distinct range of well defined,
outcome orientated strategies, along the investment risk - return
spectrum.
Our dedicated teams of industry and sector specialists deliver
global reach, with deep local expertise. They have decades of
relevant experience, are deeply embedded in their operating
industries by sector and geography and have developed strong
partnership networks over time. BlackRock’s culture of risk
management, knowledge sharing and investment discipline sets us
apart and underpins all that we do. With over 380 professionals in
27 offices managing over US $50 billion in client commitments as of
March 31, 2019, BlackRock Real Assets partners with clients to
provide solutions tailored to individual portfolio needs such as
income, growth, liquid or balanced real assets outcomes.
About Greenbacker
Greenbacker seeks to acquire and operate a diversified portfolio
of income-producing sustainable infrastructure assets in North
America. Founded in 2011, Greenbacker generates attractive
risk-adjusted returns for our shareholders through harvesting
long-term and predictable cash flows from proven technologies. As
of March 31, 2019, Greenbacker is building, owning, and operating
over 325 MW of PV Solar, 62 MW of onshore wind, and 12 MW of
biomass. For more information, please visit
www.greenbackercapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190708005115/en/
Media
BlackRock Curtis Chou (646) 231-1031
curtis.chou@blackrock.com
Greenbacker Robert Sher
Robert.Sher@greenbackercapital.com
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