July 9 (Renewables Now) - BlackRock Real Assets said on Monday it has agreed to sell its majority holding in a 30.75-MW wind farm in Minnesota to New York-based Greenbacker Renewable Energy Company LLC.
The Community Wind South wind park was the first renewable energy infrastructure investment for the real assets division of US investment manager BlackRock Inc (NYSE:BLK). The sale of a controlling stake in it represents a realisation for BlackRock Real Assets’ renewable power platform.
The specific wind farm operates under a long-term power purchase agreement with Northern States Power, which is a unit of utility Xcel Energy Inc (NASDAQ:XEL). According to Greenbacker’s CEO Charles Wheeler, the asset will provide “stable cash flows” to its investors. He did not specify, however, the amount of Greenbacker's investment.
BlackRock received legal counsel in the transaction from Skadden, Arps, Slate, Meagher & Flom LLP, while Stoel Rives LLP acted as Greenbacker’s legal advisor.