BlackRock Real Assets has closed the sale of controlling interests in pair of wind farms in Iowa to Greenbacker Renewable Energy.
The operational assets are the 42.5 MW Elk project in Delaware County and the 37.5 MW Bethel project, also known as Hawkeye, in Fayette County. They have long-term power purchase agreements with Central Iowa Power Cooperative.
The transaction, which was reported in September (PFR, 9/17), closed on Jan. 13, according to a U.S. Federal Energy Regulatory Commission filing.
Skadden acted as legal adviser to BlackRock on the deal while Stoel Rives advised Greenbacker.
BlackRock acquired the 90% stakes in the projects from their developer, RPM Access, in 2015 (PFR, 4/24/15).