News Article

BlackRock Sells Operating Portfolio Of Canadian Solar Plants


BlackRock Real Assets (“BlackRock”) has reached an agreement with Ullico Inc. (“Ullico”) on the sale of a portfolio of four operating solar projects (the “Portfolio”) in Ontario, Canada. This marks the third successful realization for BlackRock's Renewable Power platform and offers Ullico an attractive, long-term contracted solar portfolio in the Canadian renewable power market. BlackRock acquired, financed and oversaw construction of the Portfolio over an 18 month period. The solar farms provide attractive, long-term stable cash flows and high cash yields through standardized fixed Feed-in-Tariff offtake contracts with Ontario's Independent Electricity System Operator. The de-risked Portfolio delivers significant efficiencies in operation due to the homogenous nature of the design and equipment selection, and has a demonstrated track record of operating performance.

“This transaction with Ullico is a testament to the strength of BlackRock's renewable power platform and our commitment to providing value to our clients,” said David Giordano, Global Head of Renewable Power at BlackRock. “Our latest successful exit demonstrates our ability to create outcome-oriented solutions and generate attractive risk-adjusted returns for our clients.

“The transaction with BlackRock contributes high-quality assets to our portfolio and provides predictable cash yield underpinned by strong off-take contracts,” said Rohit Syal, head of acquisitions for Ullico's infrastructure business.

The transaction with BlackRock marks Ullico's sixth investment in the renewable energy sector. “Through this investment, Ullico demonstrates its continued commitment to projects providing clean, sustainable energy across North America,” said Edward M. Smith, President and CEO of Ullico Inc.

Norton Rose Fulbright acted as legal advisors and Black & Veatch acted as technical advisor to Ullico for this transaction. Bank of America Merrill Lynch and Osler are the financial and legal advisors on this transaction for BlackRock.

Olympus Stream Software. Inspection Without Limitation
Ingeteam Supplies 2 GW Of PV Inverters In The First Half 2019
ABB Helps Build A Brighter Future For Costa Rica With High Power Inverter Technology
NEDO, Sharp, And Toyota Trials Electrified Vehicles Equipped With Solar Batteries
Lidl To Invest €1m In Ireland’s Largest Ever Installation Of Solar Panels
The European Union And JUMEME Inaugurate New Solar-powered Mini-grid
Juwi Signs Agreement With EDL To Deliver Hybrid Project In Australia
Market Opportunities For Indoor Photovoltaics
Clydesdale Bank And Hanwha Q CELLS Close Financing On 5 MW UK Solar Park
Renewables Cover 44 Percent Of Germany’s Electricity Consumption
Eesti Energia To Acquire 19.15 MW Of Solar In Poland
Q CELLS Offers Businesses Direct Marketing Of Solar Power In Germany
Sonnedix Increases Italy Footprint By Further 4MW
Students Research Cleaning Solar Collectors Without Water
Surrey Researchers Clear Runway For Tin Based Perovskite Solar Cells
Scatec Solar Reaches Financial Close For 55 MW Project In Ukraine
Surrey Team Replaces Lead With Tin In Perovskite Solar Cells
ARPA-E Extends NREL Funding For III-V Solar Project
Loughborough Expert Helps Construct New United Nations Specifications
China, India, Japan And South Korea Set To Surpass 1 Billion Installed Smart Electricity Meters In 2025
Patent Pending For LCT Active Cleaning Vacuum System
Verditek And Paragraf Announce The World’s First Graphene Integrated PV Cell
Oxford PV Secures 65 Million In Funding
ABB To Exit Solar Inverter Business

Search the news archive

To close this popup you can press escape or click the close icon.
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.

Please subscribe me to:


You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: