Company Website:
http://www.blackrock.com/
NEW YORK -- (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
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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
View source version on businesswire.com: http://www.businesswire.com/news/home/20160616006043/en/
Contacts:
US Media:
BlackRock
Theresa McCartney, 1-646-310-1653
theresa.mccartney@blackrock.com
Source: BlackRock
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