Sign up for free newsletter


BlackRock acquires operating onshore wind project in Scotland

A fund managed by BlackRock Real Assets has completed the acquisition of a 100 per cent interest in an operating onshore wind project in Scotland from Muirhall Energy, an experienced Scottish developer of renewable energy projects.

The asset was acquired as part of the BlackRock renewable income strategy in the UK, which focuses on investing on an unlevered basis in wind and solar assets.
The 31-megawatt wind farm (Tormywheel) located in West Lothian has been operational since March 2017, and is supported by 20-year green certificates, providing fixed and inflation-linked revenues. The project aims to benefit from a long-term power purchase agreement with an investment grade French energy supplier.
“We are very pleased to invest in the Tormywheel 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, 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 the UK as an attractive market for wind assets where BlackRock invested in 68 projects,”
Muirhall Managing Director, Chris Walker says: “We are delighted to have worked with BlackRock on this transaction and are excited at the future opportunities it opens up for us. At Muirhall Energy, our focus is to expand by seeking further avenues for development and growing a diverse portfolio with our knowledgeable team.”
To date, BlackRock’s Renewable Power Group has a total invested portfolio reflecting approximately 3.5 GW of generating capacity across wind and solar projects located in the USA, Canada, Japan, Australia, Ireland, Sweden, Norway, France and the UK.

other gfm publications