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BlackRock acquires solar energy assets

By Reporter
2 minute read

BlackRock’s real assets division has taken a 90 per cent stake in a solar energy portfolio in Queensland.

Edify Energy has reached an agreement with BlackRock Real Assets to sell a 90 per cent interest in a 200 MW/AC solar portfolio in Queensland.

The assets have been acquired through a private fund managed by BlackRock Real Assets, which invests in wind and solar assets globally.

The transaction is "one of the the largest solar portfolio financings to date in the Australian market", said BlackRock.

The Clean Energy Finance Corporation, the Commonwealth Bank of Australia and Natixis provided long-term debt finance.

"The 150-megawatt Daydream and 50-megawatt Hayman solar farms in Queensland are ready for construction and are expected to be fully operational in 2018. Edify will retain 10 per cent of the equity interest and provide the projects with construction and long-term asset management services," said BlackRock.

Charlie Reid, portfolio manager on the BlackRock renewable power investment team, said, "We are delighted to have made this first investment in Australia on behalf of our clients and to partner with Edify.

"The acquisition adds further solar resource and country diversification to our global platform and our existing renewable power portfolio."