BlackRock sells Ontario solar portfolio to US insurer Ullico

Solar park in US. Author: BlackRockSolar. License: Creative Commons, Attribution 2.0 Generic

February 4 (Renewables Now) - The real assets division of US investment manager BlackRock Inc (NYSE:BLK) has agreed to sell a four-plant solar portfolio in the Canadian province of Ontario to US insurance company Ullico Inc.

The portfolio in question includes solar farms with long-term stable cash flows and fixed feed-in tariff (FiT) off-take contracts with Ontario's Independent Electricity System Operator. BlackRock acquired, financed and oversaw their construction over an 18-month period.

BlackRock noted that this is the third successful realisation for its renewable power platform. At the same time, it is Ullico’s sixth investment in the sector. The parties did not provide financial details regarding the transaction.

Bank of America Merrill Lynch and Osler served as the financial and legal advisors for BlackRock, while Norton Rose Fulbright acted as legal advisors and Black & Veatch were technical advisor to Ullico.

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