BlackRock Real Assets has agreed to sell a portfolio of 14 operating solar projects across France to an international consortium.
The consortium comprises of Samsung Securities as the financial investor, Samchully Asset Management as the asset manager and Paris-based Schroder Aida as the asset management advisor.
The deal offers Korea’s Samsung and Samchully, as well as Schroders an attractive foothold into the European renewables power market.
Jae Kyun Lee, CEO and representative director of Samchully, said the transaction enables Samchully and Korean investors to enter France’s renewable market for the very first time.
The transaction sees Samchully adding the solar photovoltaic transaction to its portfolio.
Samchully, which specialises in overseas energy infrastructure and power investements, hopes to further identify and explore future opportunities with BlackRock in the renewables sector, Lee said.
Rory O’Connor, head of Europe for BlackRock Renewable Power, said BlackRock will continue the strategy of selected realisations over time.
He said the solar projects portfolio is testament to BlackRock’s strong investment, partnering and technical capability in renewable power.
The portfolio, which achieved commercial operations between 2013 and 2015, was optimized by BlackRock through aggregating individual projects, bringing them through construction and completing a refinancing of the project level debt facilities.
The de-risked portfolio could potentially provides Samsung, Samchully and Schroders with long-term income from a high-quality core infrastructure asset.