A fund managed by BlackRock Real Assets has completed the acquisition of a 100 percent interest in an operating onshore wind project in Ireland from Mainstream Renewable Power, a global developer of renewable energy projects.
The asset was acquired through the BlackRock Renewable Income Europe Fund, a fund focused on investing on an unlevered basis in wind and solar assets across Europe. The fund held a €650 million ($764 million) closing in 2016 with commitments secured from more than 25 institutional investors in Europe and Asia. The final close exceeded the fund’s original target of €500 million.
The nine-megawatt wind farm (Knockaneden) located in Kerry has been operational for four years and is supported by the Irish REFIT 1 scheme, providing fixed and inflation-linked revenues. The project also benefits from a long-term power purchase agreement with an investment-grade Irish energy supplier.
“This transaction represents BlackRock’s continued focu
