BlackRock Real Assets said June 16 that it has entered into an agreement to purchase GE Energy Financial Services’ 50% interest in the 211-MW Grandview wind farm in Texas.
Grandview is now jointly owned by BlackRock and E.ON Climate and Renewables North America (EC&RNA), a subsidiary of E.ON SE. Grandview has been operating since December 2014 and is located on 45,000 acres in Carson County, Texas, in the ERCOT region. The 211-MW wind facility supplies electricity to the region under a long-term offtake agreement with an investment grade counterparty and utilizes proven General Electric 1.79-100 turbines.
”The BlackRock Renewable Power Team is enthusiastic about its first transaction with GE Energy Financial Services, a leading investor in the global renewable energy market, and we look forward to our long-term partnership with EC&RNA,” said David Giordano, Head of the North American Renewable Power Infrastructure team at BlackRock Real Assets. “The Grandview Project is strategically located within the Competitive Renewable Energy Zone transmission line, enabling it to provide long-term, cost-effective power to the region by harnessing the potential of this exceptionally windy region in North America.”
“We welcome the BlackRock Renewable Power Team as a partner in the Grandview Wind Farm,” said Patrick Woodson, Chairman of E.ON North America.
BlackRock operates one of the largest renewable power investment platforms in the world with over $2 billion of equity assets under management as of May 31, 2016. To date, BlackRock Real Assets has a total invested portfolio of approximately 3 GW of generating capacity across wind and solar projects located in the US.., Canada, Ireland, Sweden, France and the United Kingdom.
As of March 31, 2016, BlackRock had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
E.ON is an international privately-owned energy supplier and will in the future be focusing entirely on energy networks, customer solutions and renewables. Within the global renewables segment E.ON is a leading company and will continue to expand the share of renewable energy in E.ON’s power generation portfolio. E.ON is headquartered in Essen, Germany.