BlackRock Real Assets has entered into an agreement to purchase GE Energy Financial Services’ 50% interest in the Grandview wind project.
Grandview is now jointly owned by BlackRock and E.ON Climate and Renewables North America, a subsidiary of E.ON SE. Grandview has been operating since December, 2014 and is located on 45,000 acres in Carson County, Texas in the ERCOT regional transmission origination system.
The 211 MW wind project will supply electricity to the region under a long-term offtake agreement with an investment grade counterparty and utilizes, GE 1.79-100 turbines.
David Giordano, Head of the North American Renewable Power Infrastructure team at BlackRock Real Assets, said:
”The BlackRock Renewable Power Team is enthusiastic about its first transaction with GE Energy Financial Services, a leading investor in the global renewable energy market, and we look forward to our long-term partnership with EC&RNA. The Grandview Project is strategically located within the Competitive Renewable Energy Zone transmission line, enabling it to provide long-term, cost-effective power to the region by harnessing the potential of this exceptionally windy region in North America.”
Patrick Woodson, Chairman of E.ON North America, said:
“We welcome the BlackRock Renewable Power Team as a partner in the Grandview Wind Farm. EC&RNA develops, constructs and operates quality renewable energy projects which continue to attract strong interest from established investors such as BlackRock and we look forward to working with them.”