BlackRock Real Assets Sells Stake in CWS Wind Project to Greenbacker

08 Jul 2019

BlackRock Real Assets (“BlackRock”) has reached an agreement with Greenbacker Renewable Energy Corporation (“Greenbacker”) for the sale of its controlling interest in Community Wind South (“CWS”), a 30.75 MW community-based operating wind project in Minnesota. The transaction marks another realization for BlackRock’s Renewable Power platform and gives Greenbacker a high-quality, long-term contracted renewable asset in the Midwest power market.

Community Wind South 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 project is a core infrastructure asset with a track record of consistent operational performance. It benefits from stable cash flows through a long-term offtake contract with Northern States Power, a wholly-owned subsidiary of Xcel Energy, which serves millions of 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,” said 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,” said 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 this transaction for BlackRock. Stoel Rives LLP is the legal advisor to Greenbacker.

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