BlackRock Real Assets has invested further into UK renewable energy with the purchase of an onshore wind project in Scotland.
The asset manager has taken a 100% interest in the windfarm, which is bought from Muirhall Energy, a Scottish developer of renewable energy projects. A value for the deal was not given.
The asset was acquired as part of the BlackRock’s renewable income strategy in the UK, which focuses on investing on an unlevered basis in wind and solar assets, the firm said.
The 31-megawatt wind “Tormywheel” farm is located in West Lothian and has been operational since March 2017.
BlackRock said the “20-year green certificates” provided fixed and inflation-linked revenues and that the project aims to benefit from a long-term power purchase agreement with an investment grade French energy supplier.
BlackRock Real Assets has $4.9 billion (€4.6 billion) of equity assets under management in renewable energy projects and has invested in over 150 wind and solar projects globally.
Rory O’Connor, head of renewable power for Europe at BlackRock, said: “We continue to see the UK as an attractive market for wind assets where BlackRock has invested in 68 projects.”
Earlier this week, Foresight Group, a private equity firm, identified demand for infrastructure, including renewable energy projects, among financial advisers in the UK that offer self-invested personal pensions.
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