BlackRock Real Assets (BlackRock) is to sell a portfolio of 14 operating solar projects across France to the Consortium of Samsung Securities (Samsung) as the financial investor, Samchully Asset Management (Samchully AMC) as the asset manager with Schroder AIDA (Schroders) as the asset management adviser.
This marks the first realisation for BlackRock’s Renewable Power platform and offers Samsung, Samchully AMC and Schroders an attractive foothold into the European renewables power market.
The Portfolio achieved commercial operations between 2013 and 2015, and has demonstrated a robust track record with consistent production. The Portfolio was optimised by BlackRock through aggregating individual projects, bringing them through construction and completing a refinancing of the project level debt facilities. The de-risked Portfolio provides Samsung, Samchully AMC and Schroders with long-term income from a high-quality core infrastructure asset.
Rory O’Connor, Head of Europe for BlackRock Renewable Power, says: “We are delighted to partner with Samsung, Samchully AMC and Schroders on this renewable power transaction. This portfolio is testament to BlackRock’s strong investment, partnering and technical capability in renewable power. We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realisations over time.”
Jae Kyun Lee, CEO and Representative Director of Samchully AMC, says: “It is a remarkable achievement for Samchully AMC and the Korean financial investors to enter France’s renewable market for the very first time. After 10 years of overseas investment in energy, power and utilities – mainly in North America, we are excited to add this solar photovoltaic transaction to our portfolio. We look forward to the synergies with our partners BlackRock, RBC Capital Markets, Samsung Securities, and Schroders AIDA. We also hope to identify and explore future opportunities with BlackRock in the renewables sector.”
RBC Capital Markets and Linklaters LLP are the financial and legal advisors for this transaction for BlackRock.