BlackRock Real Assets’ Global Renewable Power platform has sold its controlling interest in the 42.5-megawatt Elk and 37.5-megawatt Bethel operating wind-energy facilities in Iowa.
The new owner is Greenbacker Renewable Energy.
The transaction marks another exit for the GRP platform and is its second bilateral transaction with Greenbacker this year.
Acquired in 2015 by a fund managed by BlackRock’s Global Renewable Power team, Elk and Hawkeye are high-quality onshore wind projects that benefit from stable cash flows through a long-term offtake contract with Central Iowa Power Cooperative, an A-rated (S&P and Fitch) cooperative energy provider serving 300,000 residents and more than 13,000 commercial and industrial accounts in Iowa. This transaction follows the sale of the Community Wind South project in Minnesota earlier this year, another long-term contracted renewable asset in the Midwest power market.
