BlackRock collects £55m to refinance wind portfolio

The US firm has secured long-term debt from ING two months after closing its European renewable energy fund.

BlackRock Real Assets has secured a £55 million ($67 million; €61 million) long-term debt facility from ING to refinance five operating wind farms in England.

The projects making up the portfolio, which generate a combined 46MW, have been in operation for an average of three years. They benefit from a 15-year power purchase agreement and long-term operations and maintenance contracts.

The refinancing comes two months after BlackRock closed its European renewables fund on €650 million. The firm had previously picked up commitments from 25 institutional investors from Europe and Asia to surpass its original €500 million target.

The Renewable Income Europe fund has already invested about a quarter of its capital in nine wind and solar projects in the UK and Ireland and will seek further investments across Western Europe.

BlackRock is also currently fundraising its Global Renewable Power II vehicle, which had amassed at least $290 million as of August, according to Infrastructure Investor Research & Analytics.

The firm has invested in more than 95 renewable energy projects generating a combined 2.5GW since inception. It currently has more than $2.5 billion of assets under management in the sector.