A fund managed by BlackRock Real Assets has completed the refinancing of five operational wind projects in England with ING, which provided a GBP55 million (US$67 million) long term debt facility.
The 46 MW wind portfolio is located throughout England and the projects have been operational for three years on average.
The projects benefit from a 15-year power purchase agreement and long-term operations and maintenance arrangements.
Rory O’Connor, managing director and head of renewable power for Europe at BlackRock, said:
“We are very pleased to refinance this wind portfolio on behalf of our clients. This transaction represents our continued focus on enhancing the value of our renewable power investments, where BlackRock has over USD2.5 billion of assets under management.”
Diederik van den Berg, managing director and head of structured finance, utilities, power and renewables - EMEA at ING, said:
“We are delighted to continue our highly valued relationship with BlackRock through the refinancing of this wind portfolio. The successful closing of this transaction reaffirms ING’s reputation as highly credible bank in the UK renewable energy market and contributes to ING’s aim to be a leading bank in financing sustainable transactions for our clients,” says