BlackRock Real Assets has closed a debt investment financing a portfolio of operational solar PV assets in the south of Spain with Elecnor, an industrial sponsor.
BlackRock says the transaction brings a number of benefits for its institutional clients, including the objective of stable, long-term cash flows underpinned by fully operational plants with a strong track record, long-term fixed price O&M (Operations & Maintenance) contracts and commercially-proven solar PV technology.
Elecnor, which has been involved in over 100 solar PV projects across 12 countries, will provide long-term operations and maintenance for the projects.
“This financing provides an exciting opportunity to engage in the Spanish solar market, which is backed by a strong regulatory framework and a regulated asset base model.
“The transaction also rounds off a successful 2016 for our global infrastructure debt platform, bringing total assets under management to USD4.6 billion as at year-end, of which we have invested over USD600 million globally in the renewables sector.”
Source: PropertyFundsWorld