BlackRock is selling its controlling interest in a 31MW community-owned wind farm in Minnesota, US, to Greenbacker Renewable Energy Corporation.
According to BlackRock the 30.75MW Community Wind South plant has “a track record of consistent operational performance”, benefiting from stable cash flows through a long-term offtake contract with Northern States Power.
The utility, which is a wholly-owned subsidiary of Xcel Energy, serves customers in North Dakota and South Dakota as well as Minnesota.
Community Wind South, built by Juwi, 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.
BlackRock global head of renewable power David Giordano said: “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 chief executive Charles Wheeler added: “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 is providing legal advice on the deal for BlackRock and Stoel Rives is acting for Greenbacker.