Black Rock Acquires Mexican Solar Plant From CANADIAN SOLAR

 Professional related: Horacio M. de Uriarte   |      May 26th, 2019

US-asset manager BlackRock has bought the 68MWp Aguascalientes solar PV plant from Canadian Solar for an undisclosed amount, according to a 23 May release.

BlackRock completed the acquisition through its BlackRock México Infraestructura II CKD fund following the plant’s entry into operations in February 2019. Orrick and Mijares, Angoitia, Cortes y Fuentes provided international and local legal advice to BlackRock on the transaction. In August 2018, Canadian Solar arranged a nine-month, USD 45m bridge nancing with Natixis to fund construction before in December the developer signed a long-term, USD 69m nancing package for the plant. The long-term nancing includes a 19-year, USD 53.2m loan, a 16.5-year, USD 20m loan, a USD 5.6m letter of credit facility and a USD 10.2m VAT facility from Banco de Sabadell and Bancomext. BlackRock rst announced their agreement to acquire an unnamed solar park in a 17 August 2018 ling. The fund announced in its 4Q18 report on 27 February 2019 that it had contributed MXN 239.40m (USD 12.17m) to the Aguascalientes project. According to Inframation Deals, the plant represents BlackRock’s second renewables investment in the Latin American region following First Reserve’s investment in the 130MW La Bufa wind farm in December 2015 but the rst renewables investment from its bespoke Mexican funds. BlackRock’s Real Assets platform acquired First Reserve’s two closed-end energy equity funds in June 2017.

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