BlackRock Inc., the world’s largest asset manager, acquired a 12-megawatt wind farm in southwest England as part of a long-term partnership with Renewable Energy Generation Ltd.
BlackRock bought the project in Goonhilly Downs, Cornwall, for 25.1 million pounds ($39.4 million), REG said today in an e-mailed statement. BlackRock confirmed the acquisition from REG.
The asset manager has previously acquired wind projects from St. Helier, Jersey-based REG, buying the 10-megawatt Sancton Hill and 6-megawatt South Sharpley ventures in January. That accord allowed BlackRock to buy future REG plants, enabling the wind-farm company to fund growth.
REG has 38 megawatts of projects with planning consent and 140 megawatts awaiting approval, the statement shows. It will receive 10.6 million pounds in cash from the latest sale and use it to accelerate the construction of new facilities. BlackRock will assume 14.5 million pounds of project debt under the deal.
The U.K. is promoting wind parks as it pursues a target to get 15 percent of its energy from clean sources by the end of the decade, up from about 9.4 percent now. Britain provides premium payments for renewables by requiring power suppliers to buy a portion of their electricity from low-carbon generators.