BlackRock Real Assets acquires Western US-focused renewables developer

BlackRock Real Assets has recently taken over National Renewable Solutions (NRS), a Minneapolis-based developer of early-stage wind and solar projects in the US with a pipeline that surpasses 3.5 GW.

Set up ten years ago, NRS has historically focused on pre-construction development of utility-scale wind projects and distributed and utility-scale solar schemes mainly located in the Western US. To date, it has developed more than 1 GW of projects that are already in operation or will be entering the construction phase in 2021. The firm’s pipeline includes projects in the states of New Mexico, Colorado, Arizona and Nevada.

“This investment in a developer with an established track record in greenfield projects gives our investors access to significant potential deployment while furthering BlackRock’s position at the forefront of the global energy transition,” said Martin Torres, Head of the Americas for the Renewable Power Group at BlackRock.

The investment in NRS was made through BlackRock’s Global Renewable Power team, which is also buying an equity stake in Korean solar developer Brite Energy Partners (BEP) as announced separately on Wednesday.

The renewable power equity investment platform run by BlackRock Real Assets tops USD 9 billion (EUR 7.69bn) in total commitments and investments in 250 wind and solar projects across 13 countries and four continents.

(USD 1.0 = EUR 0.855)

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