BlackRock acquires operating onshore wind project in Ireland

A fund managed by BlackRock Real Assets has completed the acquisition of a 100% interest in an operating onshore wind project in Ireland from Mainstream Renewable Power, an experienced global developer of renewable energy projects. The asset was acquired through the BlackRock Renewable Income Europe Fund, a fund focused on investing on an unlevered basis in wind and solar assets across Europe.

The nine-megawatt wind farm (Knockaneden) located in Kerry has been operational for four years, and is supported by the Irish REFIT 1 scheme, providing fixed and inflation-linked revenues. The project also benefits from a long-term power purchase agreement with an investment grade Irish energy supplier.
“We are very pleased to invest in the Knockaneden wind project on behalf of our clients. This transaction represents BlackRock’s continued focus on renewable power investments, where the firm now has USD4.9 billion of equity assets under management[1], and has invested in over 150 wind and solar projects globally,” says Rory O’Connor, Managing Director and Head of Renewable Power for Europe at BlackRock.
“We continue to see Ireland as an attractive market for wind assets, with some of strongest onshore wind resource available in Europe,” adds O’Connor.
Andy Kinsella, CEO of Mainstream, says: “Knockaneden has been a very successful project for Mainstream and our investors. We wish BlackRock continued success with this Irish project, as Mainstream continues to focus all its efforts in the high-growth emerging markets of Africa, Asia and South America.”
To date, BlackRock’s Renewable Power Group has a total invested portfolio reflecting approximately 3.5 GW[2] of generating capacity across wind and solar projects located in the USA, Canada, Japan, Australia, Ireland, Sweden, Norway, France and the UK.