BlackRock buying 197-MW wind project in Norway


194.0 MW





The V136-3.45 MW turbine. Source: Vestas Wind Systems (

June 28 (Renewables Now) - A fund managed by BlackRock Real Assets has agreed to buy the 197.4-MW Guleslettene wind project on the West coast of Norway from developer Zephyr AS.

This shovel-ready project will be built around 10 km (6.2 miles) north of the city of Floro. It has a 15-year power purchase agreement (PPA) in place with aluminium producer AlcoaNorway ANS and has entered into a power purchase guarantee with the Norwegian Export Credit Guarantee Agency (GIEK).

BlackRock anticipates to invest a total of EUR 200 million (USD 232m) to build the wind park, including long-term debt financing from DekaBank Deutsche Girozentrale. The plant will consist of 47 units of Vestas’ V136 4.2 MW turbines.

Construction work should begin this summer and the wind park is seen to become operational in late 2020.

“We view the Norwegian renewables market, and the Nordic region more widely, as an attractive market for wind projects and we have to date invested in close to 600 MW of wind projects across Norway and Sweden producing enough electricity to power more than 300,000 European households,” said Sverker Akerblom, director and portfolio manager in the Renewable Power investment team, BlackRock Real Assets."

Source: Renewablesnow