Press Releases

BlackRock and Edify Energy finance large-scale solar portfolio in Queensland

Aug 11, 2017
By BlackRock

Hong Kong, August 11, 2017 – BlackRock Real Assets has acquired a 90% interest in a 200 MW/AC solar portfolio in Queensland, Australia from Edify Energy (“Edify”), the nation’s leading utility-scale solar energy company. The assets have been acquired through a private fund managed by BlackRock Real Assets that focuses on investing in wind and solar assets globally.


The 150-megawatt Daydream and 50-megawatt Hayman solar farms in Queensland are ready for construction and are expected to be fully operational in 2018. Edify will retain 10% of the equity interest and provide the projects with construction and long-term asset management services.


This transaction represents one of the largest solar portfolio financings to date in the Australian market, with long-term debt finance provided by The Clean Energy Finance Corporation, Commonwealth Bank of Australia and Natixis.


Charlie Reid, Portfolio Manager on the BlackRock Renewable Power investment team, said: “We are delighted to have made this first investment in Australia on behalf of our clients and to partner with Edify. The acquisition adds further solar resource and country diversification to our global platform and our existing renewable power portfolio.”


Dominik Rohe, Country Head for BlackRock Australia, said: “We are pleased to add renewable power capabilities to the local investment platform, as we leverage the unprecedented investment opportunities in this space while continuing to build out and diversify BlackRock’s Australian business.”


BlackRock has invested in more than 90 solar projects globally over the last few years, representing 1,056 megawatts of capacity and generating enough renewable energy to power in excess of 340,000 homes per annum. This investment expands BlackRock’s leadership as a global solar investor in Australia, one of the world’s most active renewables and clean energy markets.


Jim Barry, Global Head of BlackRock Real Assets, said: “This transaction demonstrates BlackRock’s continued focus on renewable power investments, which currently amount to more than US$4.8 billion of equity assets under management[1]. The move into Australia represents a key part of the firm’s long-term renewable power strategy, by which we continue to invest in attractive markets in order to provide a flow of addressable investment opportunities for our clients.”



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[1] Source: BlackRock, as of 30 July 2017


Media Contact:


Cynthia Ng (Hong Kong): (+852) 3903 2553

Tracy Tong  (Sydney): (+612) 9272 2230

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