Blackrock divests four solar PV projects to Ullico
BlackRock Real Assets has reached an agreement with Ullico Inc. on the sale of a portfolio of four operating solar projects in Ontario, Canada.
BlackRock acquired, financed and oversaw construction of the portfolio over an 18 month period. The solar farms provide attractive, long-term stable cash flows and high cash yields through standardized fixed Feed-in-Tariff offtake contracts with Ontario's Independent Electricity System Operator. The de-risked Portfolio delivers significant efficiencies in operation due to the homogenous nature of the design and equipment selection, and has a demonstrated track record of operating performance.
Norton Rose Fulbright acted as legal advisors and Black & Veatch acted as technical advisor to Ullico for this transaction. Bank of America Merrill Lynch and Osler are the financial and legal advisors on this transaction for BlackRock.
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