South Korea’s Samsung Securities has made its first foray into France’s renewable market, leading a consortium to buy solar plants from BlackRock Real Assets.
BlackRock is selling the portfolio of 14 operating solar projects to the group made up of Samsung as the financial investor, fellow Korean firm Samchully Asset Management as the asset manager and Paris-based Schroder Aida as the asset management advisor.
Financial details were undisclosed.
BlackRock said the disposal marks the first realisation for its renewable power platform and provides the buyers with long-term income from a core infrastructure asset.
Rory O’Connor, the head of Europe for BlackRock Renewable Power, said: “This portfolio is testament to BlackRock’s strong investment, partnering and technical capability in renewable power.
”We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realizations over time.”
Jae Kyun Lee, the CEO and representative director of Samchully AMC, said: “It is a remarkable achievement for Samchully AMC and the Korean financial investors to enter France’s renewable market for the very first time.
”After 10 years of overseas investment in energy, power and utilities – mainly in North America, we are excited to add this solar photovoltaic transaction to our portfolio.”