NEW YORK--(BUSINESS WIRE)--
A fund managed by BlackRock Infrastructure Investment Group (“BlackRock
Infrastructure”) has purchased a 90% interest in an 80MW Wind Portfolio
consisting of the 42.5MW Elk and 37.5MW Hawkeye Wind Projects
(“Portfolio”), located in Iowa from RPM Access LLC (RPMA). The projects
began commercial operations in December 2011, and October 2012,
respectively and comprise a total of thirty-two 2.5MW 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.
“The Elk and Hawkeye Wind Projects exemplify the growing number of high
quality renewable investment opportunities in North America,” said David
Giordano, Managing Director at BlackRock. “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.
About BlackRock Infrastructure
BlackRock, the largest investment manager in the world with $4.774
trillion of AUM, sits at the intersection of global capital and
infrastructure investing opportunities. With deep industry expertise,
demonstrated access to proprietary deal flow and a purely fiduciary
mindset, our experienced investment professionals leverage BlackRock’s
unparalleled risk management capabilities and global reach to deliver
investment opportunities to meet our clients’ needs. BlackRock
Infrastructure provides investors with infrastructure equity and debt
investments via Funds, Co-Investments, Managed Accounts and Multi
Manager strategies and currently has $6 billion in invested and
committed assets. Our team is based in New York, London, Dublin, Paris
and Zurich.
About RPM Access
RPM Access is an independent developer, owner and operator of wind
energy projects in the Midwest. The company is headquartered in De Soto,
Iowa. RPM Access continues to deliver high quality energy projects with
a focus on long-term, community-friendly and environmentally sound
operations. For more information about the company visit www.rpmaccess.com.
BlackRock
Theresa McCartney, 646-310-1653
Theresa.McCartney@blackrock.com
Source: BlackRock