Greenbacker Renewable Energy has bought the Elk and Hawkeye wind projects in Iowa from a fund managed by BlackRock Real Assets’ global renewable power arm.

BlackRock said it has sold its controlling interest in the 42.5MW Elk and 37.5MW Bethel Hawkeye operating wind energy facilities for an undisclosed sum.

The assets were acquired by the BlackRock fund in 2015.

The Elk and Hawkeye onshore wind projects benefit from stable cash flows through a long-term offtake contract with Central Iowa Power Cooperative.

David Giordano, global head of renewable power at BlackRock, said: “As one of the early movers in the renewables investment sector, BlackRock is well positioned to source attractive projects that allow our clients to invest capital in the transition towards low carbon energy.

“The growing demand for clean renewable power, along with the need to replace ageing power generation infrastructure in developed markets, presents significant opportunities for investors.”

In July BlackRock also sold its controlling interest in Community Wind South, a 30.75MW community-based operating wind project in Minnesota.

Charles Wheeler, CEO of Greenbacker, said: “Greenbacker is thrilled to acquire the Elk and Hawkeye projects in Iowa. Combined with our earlier acquisition of the Community Wind South project in Minnesota, we are adding 110MWs of high-quality wind assets with a strong operational track record and long-dated investment-grade offtake contracts that will provide attractive and stable cash flows to our investors for many years to come.”