BlackRock Real Assets is to acquire the construction-ready 197.4MW Guleslettene wind farm in Norway from Zephyr.
The project, which will be built in western Norway about 10km north of the city of Floro, will comprise 47 Vestas V136 4.2MW turbines featuring an anti-icing system.
Stangeland Maskin and VEO will provide civil and electrical construction services.
Construction will start in the summer, with commissioning expected in late 2020.
Alcoa Norway will buy all the electricity produced by the wind farm under a 15-year deal.
The Norwegian Export Credit Guarantee Agency has also provided a power purchase guarantee.
Zephyr will manage construction and the operational project on behalf of BlackRock, which is making the acquisition through its Global Renewable Power 2 fund.
Construction costs are about €200m, which will come from BlackRock and through debt finance provided by DekaBank Deutsche Girozentrale.
BlackRock head of renewable power for Europe Rory O’Connor said: “This transaction demonstrates BlackRock’s continued focus on renewable power investments, where the firm now has $5bn of equity assets under management, and has invested in over 170 wind and solar projects globally.”
Image: Pixabay
BlackRock makes Norway swoop
By EBS