BlackRock Real Assets (BlackRock) is to sell five operating wind farms and one operating solar project (the Portfolio) located across the UK to Equitix Investment Management (Equitix).
This marks the fourth realisation in the past three months for BlackRock’s Renewable Power platform and the latest addition to Equitix’s significant capabilities in the renewable energy sector.
The portfolio achieved commercial operations between 2010 and 2015, and has a proven track record of consistent operational performance. The Portfolio was optimised by BlackRock through bringing the projects through construction and early stage development and optimising the Portfolio’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 CIO and Head of Europe for BlackRock Renewable Power, says: “We are delighted to partner with Equitix on this renewable power transaction. 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 realisation 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, says: “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 are the financial and legal advisors for this transaction for BlackRock. PKF Francis Clark and Allen & Overy are the financial and legal advisors for this transaction for Equitix.