BlackRock divests controlling stakes in 31 MW Community Wind South project

BlackRock Real Assets has reached an agreement with Greenbacker Renewable Energy Corporation for the sale of its controlling interest in Community Wind South (CWS), a 30.75 MW community-based operating wind project in Minnesota.

Community Wind South was the first renewable energy infrastructure investment for BlackRock’s Renewable Power platform, which was launched in 2012 by funds managed by BlackRock Real Assets. The wind project is a core infrastructure asset with a track record of consistent operational performance. It benefits from stable cash flows through a long-term offtake contract with Northern States Power, a wholly-owned subsidiary of Xcel Energy, which serves millions of customers across Minnesota, North Dakota and South Dakota.

Skadden, Arps, Slate, Meagher & Flom LLP is the legal advisor on this transaction for BlackRock. Stoel Rives LLP is the legal advisor to Greenbacker.