BlackRock Real Assets has acquired National Renewable Solutions (NRS), a Minneapolis-based renewable energy developer focused on early stage wind and solar projects in the US.
BlackRock has bought 100% of the equity in NRS, with a goal of developing, owning, and operating the company’s current project development pipeline of more than 3.5GW, with assets in New Mexico, Colorado, Arizona and Nevada.
Founded in 2011, NRS has developed over 1GW of renewable energy projects that are currently operating or are entering construction this year.
The company has historically focused on pre-construction development of utility-scale wind projects, as well as distributed and utility-scale solar, primarily in the western United States.
Part of NRS’s mission is a commitment to help revitalise rural communities by promoting investments in domestic renewable energy resources that benefit local landowners.
This investment, made through BlackRock’s Global Renewable Power team, enables NRS to accelerate its pipeline of projects towards the construction and realization stage over the coming years.
The transaction combines NRS’ on-the-ground development and origination expertise with BlackRock’s capital markets support and global reach. Terms of the transaction were not disclosed.
BlackRock head of the Americas for the renewable power group Martin Torres said: “We are thrilled to partner with NRS on this exciting opportunity and look forward to supporting the company’s strong growth momentum.
“This investment in a developer with an established track record in greenfield projects gives our investors access to significant potential deployment while furthering BlackRock’s position at the forefront of the global energy transition.”
NRS chief executive Patrick Pelstring said: “We are extremely excited to partner with BlackRock.
“We collectively share in the vision to grow renewable energy generation and its integral role in the fight against climate change.
“BlackRock’s investment puts NRS at the forefront of this effort and will allow us to quickly grow into a recognized leader in the development of sustainable and economically viable renewable energy projects.”
BlackRock Real Assets operates one of the largest renewable power equity investment platforms in the world with over $9bn (€7.7bn) in total commitments and investments in 250 wind and solar projects across 13 countries and 4 continents.
GRP III seeks to invest across the spectrum of renewable power and supporting infrastructure globally, including energy storage, distribution and electric vehicles.