BlackRock Real Assets has sold its controlling interest in a Minnesota wind farm to Greenbacker Renewable Energy Corp.
The 30.75 MW Community Wind South project was the first renewable energy infrastructure investment for BlackRock’s Renewable Power platform, which was launched in 2012 by funds managed by BlackRock Real Assets.
The wind farm has a long-term off-take contract with Northern States Power, a wholly owned subsidiary of Xcel Energy, which serves customers across Minnesota, North Dakota and South Dakota.
“We are pleased to partner with Greenbacker on this transaction, which reflects our commitment to outcome-oriented solutions that meet our partners’ financial objectives and enable the production and delivery of carbon-free energy,” says David Giordano, global head of renewable power at BlackRock. “This transaction further demonstrates BlackRock’s ability to source complex projects and commitment to finding value for our clients across the full cycle of investment in the renewable power sector.”
“Greenbacker is thrilled to acquire Community Wind South, a well-performing asset that will provide attractive and stable cash flows to our investors for many years to come,” says Charles Wheeler, CEO of Greenbacker. “We are grateful for the opportunity to develop a relationship with BlackRock and are excited to support Xcel Energy and the State of Minnesota with their respective ambitious clean energy targets.”
Skadden, Arps, Slate, Meagher & Flom LLP is the legal advisor on the transaction for BlackRock. Stoel Rives LLP is the legal advisor for Greenbacker.