BlackRock Invests in Major Electric Generation Facility Planned for Construction in New York
August 16 2016 - 11:30AM
Business Wire
Funds managed by BlackRock’s Alternative Solutions Group, in
partnership with BlackRock Real Assets, entered an agreement to
invest approximately 10% in the 1,100 MW combined cycle gas turbine
(CCGT) Cricket Valley electric generating facility, utilizing
proven General Electric 7FA.05 combustion turbine generators.
Construction of the plant is expected to begin in Q4 2016 and is
projected to be completed in Q4 2019. Once constructed, the project
will benefit from an attractive location providing electricity to a
supply-constrained lower Hudson Valley and New York City
markets.
“We’re pleased to partner with Advanced Power on Cricket Valley
and we look forward to growing our relationship in the future,”
states David Giordano, Head of the North American Renewable Power
Infrastructure team. “This transaction represents the strong growth
in natural gas investment opportunities given the increased
retirements in aging generation facilities, and will bring much
needed generation capacity to the supply-constrained Hudson Valley
region.”
The developer of this project, Advanced Power (AP), seeks to
develop, acquire, own and manage power generation and related
infrastructure projects throughout Europe and North America. AP’s
team has successfully developed over 15,000 MW of power generation
projects, and subsequently closed $7 billion of limited recourse
project financing. Said Advanced Power’s CEO, Tom Spang,
“BlackRock’s investment in Cricket Valley represents a strong vote
of confidence in a project that enjoys strong community support. We
are delighted that BlackRock has joined the Cricket Valley project
and we look forward to working together to see it through to
construction and operation.”
BlackRock operates one of the largest infrastructure investment
platforms in the world with over $9 billion in investor commitments
and invested assets as of June 30, 2016, and over 90 people located
in Dublin, Mexico City, New York, London, Zurich, Hong Kong, Paris,
Seattle, Chicago and Stockholm.
About BlackRock
BlackRock is a global leader in investment management, risk
management and advisory services for institutional and retail
clients. At June 30, 2016, BlackRock’s AUM was $4.890 trillion.
BlackRock helps clients around the world meet their goals and
overcome challenges with a range of products that include separate
accounts, mutual funds, iShares® (exchange-traded funds), and other
pooled investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®. As of June
30, 2016, the firm had approximately 12,700 employees in more than
30 countries and a major presence in global markets, including
North and South America, Europe, Asia, Australia and the Middle
East and Africa. For additional information, please visit the
Company’s website at www.blackrock.com | Twitter: @blackrock_news |
Blog: www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock
About BlackRock Real Assets
BlackRock, the largest investment manager in the world, sits at
the intersection of global capital and Real Asset investing
opportunities. With deep industry expertise, demonstrated access to
proprietary deals and a purely fiduciary mindset, our experienced
investment professionals leverage BlackRock's risk management
capabilities, global reach and deep local presence to deliver
compelling investment opportunities to meet our clients' needs.
BlackRock provides investors with Private Real Estate Debt &
Equity, Real Estate Securities and Infrastructure Debt & Equity
via funds, co-investments and managed accounts, and currently has
over $30 billion in invested and committed Real Estate and
Infrastructure assets and capital as of June 30, 2016. Our
approximately 300-person team is based in 22 offices globally.
About Advanced Power
Advanced Power is a privately owned company that develops
independent power projects in North America and Europe and has
7,000 MW in development or operation. Majority-owned by senior
management, Advanced Power has offices in Boston and London and is
headquartered in Zug, Switzerland.
GMC-0185
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160816005905/en/
US Media:BlackRockTheresa McCartney,
1-646-310-1653theresa.mccartney@blackrock.com
BlackRock (NYSE:BLK)
Historical Stock Chart
From Mar 2024 to Apr 2024
BlackRock (NYSE:BLK)
Historical Stock Chart
From Apr 2023 to Apr 2024