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 3GW of generating capacity across wind and solar projects located in the USA, Canada, Ireland, Sweden, France and the UK.