BlackRock Closes on the Purchase of 50 Percent Interest in Texas Wind Project
17 June 2016 - 3:05AM
Business Wire
BlackRock Real Assets has entered into an agreement to purchase
GE Energy Financial Services’ 50% interest in the Grandview wind
project (“Grandview”).
Grandview is now jointly owned by BlackRock and E.ON Climate and
Renewables North America (“EC&RNA”), a subsidiary of E.ON SE,
one of the world’s largest renewable power providers. Grandview has
been operating since December, 2014 and is located on 45,000 acres
in Carson County, Texas in the ERCOT regional transmission
origination system. The 211 MW wind project will supply electricity
to the region under a long-term offtake agreement with an
investment grade counterparty and utilizes proven, GE 1.79-100
turbines.
”The BlackRock Renewable Power Team is enthusiastic about its
first transaction with GE Energy Financial Services, a leading
investor in the global renewable energy market, and we look forward
to our long-term partnership with EC&RNA,” said David Giordano,
Head of the North American Renewable Power Infrastructure team at
BlackRock Real Assets. He added, “The Grandview Project is
strategically located within the Competitive Renewable Energy Zone
transmission line, enabling it to provide long-term, cost-effective
power to the region by harnessing the potential of this
exceptionally windy region in North America.”
“We welcome the BlackRock Renewable Power Team as a partner in
the Grandview Wind Farm,” said Patrick Woodson, Chairman of E.ON
North America. “EC&RNA develops, constructs and operates
quality renewable energy projects which continue to attract strong
interest from established investors such as BlackRock and we look
forward to working with them.”
BlackRock operates one of the largest renewable power investment
platforms in the world with over $2 billion of equity assets under
management as of May 31, 2016. To date, BlackRock Real Assets has a
total invested portfolio of approximately 3 GW of generating
capacity across wind and solar projects located in the USA, Canada,
Ireland, Sweden, France and the UK.
About BlackRock
BlackRock is a global leader in investment management, risk
management and advisory services for institutional and retail
clients. At March 31, 2016, BlackRock’s AUM was $4.737 trillion.
BlackRock helps clients around the world meet their goals and
overcome challenges with a range of products that include separate
accounts, mutual funds, iShares® (exchange-traded funds), and other
pooled investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®. As of
March 31, 2016, the firm had approximately 13,000 employees in more
than 30 countries and a major presence in global markets, including
North and South America, Europe, Asia, Australia and the Middle
East and Africa. For additional information, please visit the
Company’s website at www.blackrock.com | Twitter: @blackrock_news |
Blog: www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock
About BlackRock Real Assets
BlackRock, the largest investment manager in the world, sits at
the intersection of global capital and Real Asset investing
opportunities. With deep industry expertise, demonstrated access to
proprietary deals and a purely fiduciary mindset, our experienced
investment professionals leverage BlackRock's unparalleled risk
management capabilities, global reach and deep local presence to
deliver compelling investment opportunities to meet our clients'
needs. BlackRock provides investors with Private Real Estate Debt
& Equity, Real Estate Securities and Infrastructure Debt &
Equity via funds, co-investments and managed accounts, and
currently has $30 billion in invested and committed Real Estate and
Infrastructure assets and capital as of May 31, 2016. Our
300-person team is based in 22 offices globally.
About E.ON
E.ON is an international privately-owned energy supplier and
will in the future be focusing entirely on energy networks,
customer solutions and renewables. In the 2015 financial year, more
than 56,000 employees based in many countries in Europe as well as
in North America generated sales of around EUR 116 billion. Around
33 million customers purchase gas and electricity from E.ON. Within
the global renewables segment E.ON is a leading company and will
continue to expand the share of renewable energy in E.ON’s power
generation portfolio. The company has already invested more than €
10 bn and operates nearly 5.2 gigawatts of renewable capacity. E.ON
is headquartered in Essen, Germany.
GMC-0172
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version on businesswire.com: http://www.businesswire.com/news/home/20160616006043/en/
US Media:BlackRockTheresa McCartney,
1-646-310-1653theresa.mccartney@blackrock.com
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