BlackRock has sold five operating wind farms and one operating solar project to Equitix Investment Management. All began commercial operations between 2010 and 2015. BlackRock said it had brought the projects through construction and early stage development and optimised the group’s debt capital structure through a refinancing process. The de-risked portfolio provides Equitix with long-term income from a high-quality core infrastructure asset.
Rory O’Connor, global chief investment officer and head of Europe for BlackRock Renewable Power, said, “This operating portfolio is testament to BlackRock’s strong investment, financial and technical capability in renewable power. We are very pleased with this sale and the realization of value from this portfolio for our clients, who are showing increased interest in climate infrastructure opportunities to deliver returns with a purpose.”
Hugh Crossley, chief investment officer for Equitix, said: “As we continue to diversify and grow our portfolio, we are always looking out for attractive opportunities to acquire high-quality assets that meet our criteria. We are confident that this portfolio from BlackRock does just this.
“We have demonstrated a strong track record in our ownership and management of a wide range of infrastructure assets and, as such, we’re pleased to be further consolidating our capabilities and adding these assets to our institutional investment portfolios.”
RBC Capital Markets and Linklaters LLP were the financial and legal advisors for this transaction for BlackRock. PKF Francis Clark and Allen & Overy were the financial and legal advisors for Equitix.