BlackRock Real Assets’ Global Renewable Power (GRP) platform has reached an agreement with Greenbacker Renewable Energy for the sale of its controlling interest in the 42.5-MW Elk and 37.5 MW Bethel operating wind energy facilities in Iowa. The transaction marks another exit for the GRP platform and is its second bilateral transaction with Greenbacker this year.
“Our second transaction with Greenbacker demonstrates our commitment to delivering value for our clients and to building strong, lasting, relationships with partners in our industry,” said David Giordano, global head of renewable power at BlackRock. “As one of the early movers in the renewables investment sector, BlackRock is well positioned to source attractive projects that allow our clients to invest capital in the transition towards low carbon energy.”
Acquired in 2015 by a fund managed by BlackRock’s Global Renewable Power team, Elk and Hawkeye are onshore wind projects have a long-term offtake contract with Central Iowa Power Cooperative, an A-rated cooperative energy provider serving 300,000 residents and more than 13,000 commercial and industrial accounts in Iowa. This transaction follows the sale of the Community Wind South project in Minnesota earlier this year, another long-term contracted renewable asset in the Midwest power market.
“Greenbacker is thrilled to acquire the Elk and Hawkeye projects in Iowa. Combined with our earlier acquisition of the Community Wind South project in Minnesota, we are adding 110 MW of high-quality wind assets with a strong operational track record and long-dated investment-grade offtake contracts that will provide attractive and stable cash flows to our investors for many years to come,” said Charles Wheeler, CEO of Greenbacker. “We are pleased to have expanded our relationship with BlackRock and excited to have become a partner to the State of Iowa with this investment.”
News item from BlackRock