BlackRock Real Assets (BlackRock) has agreed to sell a portfolio of 14 operating French solar projects to a consortium, including Samsung Securities (Samsung), Samchully Asset Management (Samchully AMC), and Schroder AIDA (Schroder) for an undisclosed price.
As part of the consortium, Samsung will serve as the financial advisor, while Samchully AMC will act as the asset manager and Schroders will be the asset management adviser.
The divestiture of its French solar projects marks the first realisation for BlackRock’s Renewable Power platform and enables the consortium partners to foray into the European renewables power market.
BlackRock Renewable Power Europe head Rory O’Connor said: “We are delighted to partner with Samsung, Samchully AMC and Schroders on this renewable power transaction.
“This portfolio is a testament to BlackRock’s strong investment, partnering and technical capability in renewable power. We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realisations over time.”
BlackRock added that the portfolio entered into commercial operations between 2013 and 2015, and was optimised by combining with individual projects as well as bringing them through construction and completing a refinancing of the project level debt facilities.
Samchully AMC CEO and representative director Jae Kyun Lee said: “It is a remarkable achievement for Samchully AMC and the Korean financial investors to enter France’s renewable market for the very first time.
“After 10 years of overseas investment in energy, power and utilities – mainly in North America, we are excited to add this solar photovoltaic transaction to our portfolio.
“We look forward to the synergies with our partners BlackRock, RBC Capital Markets, Samsung Securities, and Schroders AIDA. We also hope to identify and explore future opportunities with BlackRock in the renewables sector.”