BlackRock buys two Iowa wind farms

BlackRock Infrastructure has acquired a 90% stake in an 80MW wind portfolio from developer RPM Access.


BlackRock has acquired a 90 percent stake in two operating wind farms whose combined capacity totals 80 megawatts (MW) from US developer RPM Access (RPMA), the New York-based firm said in a statement on Wednesday.

The 42.5MW Elk wind farm went into operation in December 2011, while Hawkeye, a 37.5MW facility, became operational in October 2012. Their combined output is sold to Central Iowa Power Cooperative under long-term power purchase agreements set to expire in 2031 and 2037, respectively, a spokesperson for BlackRock told Infrastructure Investor.

The firm did not disclose financial terms of the deal nor did it specify the fund through which it is realising the acquisition. Its spokesperson declined to comment.

“The Elk and Hawkeye wind projects exemplify the growing number of high-quality renewable investment opportunities in North America,” BlackRock managing director David Giordano said. “We are excited to partner with RPMA on our first wind investment in Iowa and look forward to growing our relationship.”

The acquisition will bring BlackRock Infrastructure’s renewable power investments to date to 17 and to 1.3 gigawatts of wind and 178MW of solar projects across the US, Canada, Ireland, UK, Sweden and France.

Established in 2011, the unit currently manages over $6 billion of invested and committed assets globally, of which $1.5 billion is focused on renewable energy projects.