Asset manager BlackRock is planning to invest up to $1bn (€897m) per year in project finance, energy finance and infrastructure debt investment opportunities through an expanded partnership with financial services firm Santander.
The two firms have agreed a partnership whereby BlackRock’s funds and accounts managed by BlackRock will invest the capital each year with Santander through structured transactions.
The agreement builds on an initial transaction involving funds and accounts managed by BlackRock providing financing on a $600m portfolio of infrastructure credit from Santander in April.
Gary Shedlin, vice chairman at BlackRock, said: “We are pleased to expand our longstanding relationship with Santander through this agreement, which will provide long-term, flexible capital on a recurring basis to support the growth of its project finance franchise.
“At the same time, this agreement will provide further access to attractive, differentiated investment opportunities for our clients now and over the long term.”
Jose Garcia Cantera, Santander’s CFO, said: “This framework agreement with BlackRock will allow us to continue to proactively rotate our assets, further strengthening our financial position and allowing us to generate capital for additional profitable growth.
“We look forward to working with BlackRock through this expanded partnership.”
To read the latest IPE Real Assets magazine click here.
