BlackRock Real Assets (“BlackRock”) has reached an agreement with the Consortium of Samsung Securities (“Samsung”) as the financial investor, Samchully Asset Management (“Samchully AMC”) as the asset manager with Schroder AIDA (“Schroders”) as the asset management advisor, on the sale of a portfolio of 14 operating solar projects (the “Portfolio”) across France. This marks the first realization for BlackRock’s Renewable Power platform and offers Samsung, Samchully AMC and Schroders an attractive foothold into the European renewables power market.
The Portfolio achieved commercial operations between 2013 and 2015, and has demonstrated a robust track record with consistent production. The Portfolio was optimized by BlackRock through aggregating individual projects, bringing them through construction and completing a refinancing of the project level debt facilities. The de-risked Portfolio provides Samsung, Samchully AMC and Schroders with long-term income from a high-quality core infrastructure asset.
Rory O’Connor, Head of Europe for BlackRock Renewable Power, commented, “We are delighted to partner with Samsung, Samchully AMC and Schroders on this renewable power transaction. 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, 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. We look forward to the synergies with our partners BlackRock, RBC Capital Markets, Samsung Securities, and Schroders AIDA. We also hope to identify and explore future opportunities with BlackRock in the renewables sector.”
RBC Capital Markets and Linklaters LLP are the financial and legal advisors for this transaction for BlackRock.
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About BlackRock Real Assets
In today’s dynamic and complex global investing market, we help our clients access real assets that could help meet their investment goals by providing a distinct range of well defined, outcome orientated strategies, along the investment risk - return spectrum.
Our dedicated teams of industry and sector specialists deliver global reach, with deep local expertise. They have decades of relevant experience, are deeply embedded in their operating industries by sector and geography, and have developed strong partnership networks over time.
BlackRock’s culture of risk management, knowledge sharing and investment discipline sets us apart and underpins all that we do. With over 380+ professionals in 27 offices managing over US$47bn in client commitments as of 30 September 2018, BlackRock Real Assets partners with clients to provide solutions tailored to individual portfolio needs such as income, growth, liquid or balanced real assets outcomes.
About Samsung Securities
Samsung Securities Co., Ltd. (“Samsung Securities”) is the investment banking arm of Samsung Group.
Since its founding in 1982, Samsung Securities has been a leading securities house in Korea. Samsung Securities provides a wide range of financial services including brokerage, wealth management, corporate finance and in-depth financial solutions to both individual and institutional investors based on differentiated capabilities.
The investment banking division of Samsung Securities has accumulated a proven track record of underwriting approximately USD 4bn in equity and debt of real assets, such as aviation, shipping, infrastructure and real estate, in domestic and international markets over the last three years.
About Samchully AMC
Established in 2008 as a joint venture with Macquarie Funds Group, Samchully AMC is a Korean financial investor that specializes in overseas energy infrastructure and power with investments across the North American region. Samchully AMC’s parent company is Samchully Co., the largest gas distributor in Korea with vast pipeline networks and services over 3.3 million households and industry customers.
Samchully AMC’s senior leadership and investment professionals have extensive expertise in the energy sector, which allows us to target investment opportunities with long-term revenue streams and real capital growth throughout the energy infrastructure value chain.
We have offices in both Seoul and Houston for deal sourcing, execution, and asset management, which gives us access to attractive investment opportunities as well as insights into various deals and markets. Over the last ten years, Samchully AMC has built a robust track record of numerous midstream transactions, upstream transactions, power generations, and renewables amounting to an AUM of $1.3 billion.
Established in 1804, Schroders benefits from a stable ownership structure and a strong balance sheet. Our focus is on pure asset management and our overriding objective is to maximise returns for our clients and invest in a responsible way. With €508.2bn assets under management and administration, we offer a diverse range of asset classes across equities, fixed income, multi-asset, private assets and alternatives to our institutional, intermediary and wealth management clients around the world.
Schroder Aida is an affiliate of Schroders, registered as société par actions simplifiée authorized and regulated in France by the Autorité des Marchés Financiers (AMF) as an asset management company (Société de Gestion de Portefeuille) under the number GP-17000027. It experienced a very strong growth for the last 3 years. The team of 14 professionals based in Paris and London raised nearly €2.2 billion of capital for debt and equity investments in European infrastructure assets from institutional investors.
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