BlackRock divests controlling stakes in two operating wind projects in US to Greenbacker

BlackRock Real Assets has reached an agreement with Greenbacker Renewable Energy Company for the sale of its controlling interest in the 42.5 MW Elk and 37.5 MW Hawkeye operating wind energy facilities in Iowa.

Acquired in 2015 by a fund managed by BlackRock’s Global Renewable Power team, Elk and Hawkeye are high quality onshore wind projects that benefit from stable cash flows through a long-term offtake contract with Central Iowa Power Cooperative, the energy provider serving 300,000 residents and more than 13,000 commercial and industrial accounts in Iowa.

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