BlackRock Infrastructure Announces Purchase of 90% interest in an 80MW Wind Portfolio located in Iowa

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BlackRock Infrastructure Announces Purchase of 90% interest in an 80MW Wind Portfolio located in Iowa

A fund managed by BlackRock Infrastructure Investment Group has purchased a 90% interest in an 80 MW Wind Portfolio located in Iowa from RPM Access LLC (RPMA).

The portfolio is composed by:

  • 42.5 MW Elk wind farm
  • 37.5 MW Hawkeye wind farm

The projects began commercial operations in December 2011, and October 2012, respectively and comprise a total of thirty-two 2.5 MW Nordex turbines. The Portfolio interconnects with the ITC Midwest transmission system within the Midcontinent Independent System Operator market. All of the output of the Portfolio is sold to Central Iowa Power Cooperative pursuant to long-term power purchase agreements (PPA).

David Giordano, Managing Director at BlackRock, stated:

“The Elk and Hawkeye Wind Projects exemplify the growing number of high quality renewable investment opportunities in North America. We are excited to partner with RPMA on our first wind investment in Iowa and look forward to growing our relationship.”

Steve Dryden, CEO of RPMA said

“We are excited to announce our first transaction and partnership with BlackRock in the sale of our majority interest in the Elk and Hawkeye Wind Projects. BlackRock’s position as the world’s largest investment manager presents us with a global partner who we can work with to continue to grow our development business.”

Established in 2011, BlackRock Infrastructure manages over $1.5 billion in AUM and commitments focused on renewable power projects. Upon closing the Portfolio, the team will have completed 17 renewable power investments to date, bringing the total invested and committed portfolio to approximately 1,309MW of wind and 178MW of solar projects diversified across the USA, Canada, Ireland, UK, Sweden and France.

During the last week we reported about several wind projects globally:

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