BlackRock has announced the sale of a portfolio of French solar power projects, marking the first such transaction on its Renewable Power platform.
The world’s largest asset manager said the sale followed its support of the construction and refinancing of 14 operating solar projects, which enabled them to go into commercial operation between 2013 and 2015.
Samsung Securities was the financial investor in the transaction, with Samchully Asset Management the asset manager and Schroders AIDA the asset management advisor. RBC Capital Markets and Linklaters were the financial and legal advisors for BlackRock.
“This portfolio is testament to BlackRock’s strong investment, partnering and technical capability in renewable power,” said Rory O’Connor, BlackRock’s head of Europe for its Renewable Power division.
Jae Kyun Lee, chief executive officer and representative director of Samchully AMC, said this transaction would see the Korean asset manager enter France’s renewable energy market for the very first time.
“After 10 years of overseas investment in energy, power and utilities – mainly in North America, we are excited to add this solar photovoltaic transaction to our portfolio,” he said.
“We look forward to the synergies with our partners BlackRock, RBC Capital Markets, Samsung Securities, and Schroders AIDA. We also hope to identify and explore future opportunities with BlackRock in the renewables sector.”
News of the transaction comes as heads of state from around the world gathered in Poland on Monday for the start of the United Nations’ Framework Convention on Climate Change – known as COP24. The conference runs in Katowice until Friday 14 December.