BlackRock buys Chilean solar portfolio from Renewable Resources Group

Publicado el 6 jun 2023

PMGD Holdings, an affiliate of BlackRock’s Global Renewable Power III (GRP III) Fund, closed a deal to purchase a total of seven solar plants, owned by Cedars SpA, a subsidiary of Renewable Resources Group (RRG).

The plants’ combined generation capacity is around 59MW, and adds to BlackRock’s portfolio of eight solar plants acquired in February from SolarE SpA, also a subsidiary of RRG, with a total generation capacity of 34MW.

BlackRock Real Assets achieved a $4.8-billion final close of the GRP III fund in 2021.

BlackRock was advised on the acquisition by Chilean law firm HD Legal, which carried out due diligence on 11solar projects in operation and four under construction.

The transaction also included the negotiation and drafting of the purchase agreement, credit assignments and a service contract for the completion of the projects currently under development.

The HD Legal team advising BlackRock was led by partner Gonzalo Delaveau, directors Mauricio Riesco and Juan Andres Larrondo, senior associate Paulina Castro and associates Ignacio Ruiz-Tagle and Demetrio Barros.

RRG was advised by Chilean law firm Carey, with a team led by Juan Francisco Mackenna, José Tomas Hurley and Catalina Valenzuela.

JV Legal also advised, with a team led by Juan de Dios Vial and Juan Carlos Valenzuela.