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GE Aerospace (GE) - $25 value - yours FREE >>
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BlackRock Buys 50% Stake in Texas Wind Project from GE
BlackRock Real Assets – a unit of BlackRock, Inc. (BLK - Free Report) has inked a deal to acquire 50% interest in the Grandview wind project from GE Energy Financial Services, a division of General Electric Company (GE - Free Report) . Terms of the deal remained undisclosed.
E.ON Climate and Renewables North America, which is a subsidiary of Germany‘s utility giant E.ON SE owns the other 50% of Grandview wind project.
Operating since Dec 2014, Grandview is located on 45,000 acres in Carson County, TX in the ERCOT regional transmission origination system. The wind project will supply electricity to the region under a long-term power purchase agreement with an investment grade buyer.
David Giordano, Head of the North American Renewable Power Infrastructure team at BlackRock Real Asset noted, “The Grandview Project is strategically located within the Competitive Renewable Energy Zone transmission line, enabling it to provide long-term, cost-effective power to the region by harnessing the potential of this exceptionally windy region in North America.”
Chairman of E.ON North America, Patrick Woodson stated, “EC&RNA develops, constructs and operates quality renewable energy projects which continue to attract strong interest from established investors such as BlackRock and we look forward to working with them.”
BlackRock, the California-based investment manager with total assets under management of $4.737 trillion has a total invested portfolio of about 3 gigawatts of generating capacity across wind and solar projects. These projects are spread in countries including the U.S., Canada, Ireland, the U.K. and Sweden.
Currently, BlackRock carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the finance space include Cathay General Bancorp (CATY - Free Report) and First Bancorp (FBP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
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