June 30, 2022

BlackRock buys a wind and solar property in the United States

2 min read

National Renewable Solutions (NRS), which is a Minneapolis-centered renewable energy developer concentrating on early-stage wind and solar initiatives in the United States, has been bought by BlackRock Real Assets. BlackRock has purchased 100% of NRS’s stock to develop, own, and run the company’s current 3.5GW project development pipeline, which includes assets located in New Mexico, Colorado, Arizona, and Nevada.

Since its inception in 2011, NRS has created approximately 1GW of renewable power projects that are either operational or in the process of being built this year. Historically, the company has concentrated on pre-construction growth of utility-scale wind and distributed as well as utility-scale solar projects, especially in the western United States.

A commitment to revitalize rural communities by fostering domestic renewable power resources investments that assist local landowners is part of NRS’s purpose. NRS will be able to advance its pipeline of initiatives towards construction as well as the realization in the coming years, thanks to this investment from BlackRock’s Global Renewable Power team.

NRS’ on-the-ground construction and sourcing expertise is combined with BlackRock’s capital markets assistance and worldwide reach in this transaction. The transaction’s terms were not disclosed. “We are happy to collaborate with NRS on this interesting opportunity and look forward more to supporting the company’s strong growth momentum,” Martin Torres, BlackRock’s head of renewable energy for the Americas, said.

“Our investors will benefit from this investment in a builder with a proven track record in greenfield projects. At the same time, BlackRock’s position at the vanguard of the global energy transformation will be strengthened.” “We are incredibly happy to cooperate with BlackRock,” NRS CEO Patrick Pelstring said.

“We together share the objective of growing renewable power generation and its vital role in the battle against climate change.” NRS will be at the vanguard of this effort thanks to BlackRock’s investment, which will help us to quickly establish ourselves as a recognized leader in the creation of sustainable and economically sustainable renewable energy projects.”

The firm also operates various energy sites across the nation, such as Grady Wind Energy Center located in New Mexico, Luverne Wind South Field located in North Dakota, as well as the Jeffers Wind Energy Center situated in Minnesota. The corporation also owns and operates several other businesses.

With approximately $9 billion (€7.7 billion) in total pledges and investments in the 250 solar and wind projects across 13 nations and four continents, BlackRock Real Assets is one of the world’s largest renewable energy equity investments platforms. GRP III aims to invest globally in renewable energy and related infrastructures, such as energy storage, distribution, and electric cars.

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