Blackrock’s Real Assets division has sold a portfolio of renewable energy assets to a UK infrastructure asset manager.
Equitix Investment Management, a UK boutique with around £3 billion in assets under management, purchased the portfolio of five wind farms and one solar project for an undisclosed sum, according to a media statement from Blackrock.
The assets were previously managed on Blackrock’s Renewable Power platform and the deal marked the fourth such transaction from the company’s platform in the past three months.
“This operating portfolio is testament to BlackRock’s strong investment, financial and technical capability in renewable power,” Rory O’Connor, global chief investment officer and head of Europe for BlackRock Renewable Power, said.
“We are very pleased with this sale and the realization of value from this portfolio for our clients, who are showing increased interest in climate infrastructure opportunities to deliver returns with a purpose.”
All of the assets within the portfolio started commercial operations between 2010 and 2015. Blackrock was responsible for steering the projects through the construction phase and for the refinancing of the initial projects.
Blackrock said that the portfolio would give Equitix a “long-term income” with a “high quality” infrastructure asset.
Hugh Crossley, chief investment officer of Equitix, said the company was always seeking” attractive opportunities” for high-quality assets.
He added: “We have demonstrated a strong track record in our ownership and management of a wide range of infrastructure assets and, as such, we’re pleased to be further consolidating our capabilities and adding these assets to our institutional investment portfolios.”
RBC Capital Markets and Linklaters advised Blackrock on the transaction. PKF Francis Clark and Allen & Overy advised Equitix.