Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  BlackRock    BLK

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

BlackRock Invests in Growing Australian Solar Market

share with twitter share with LinkedIn share with facebook
share via e-mail
08/11/2017 | 06:56am CEST
   By Robb M. Stewart 

MELBOURNE, Australia--The steady growth of renewable-power generation in Australia has scored backing from BlackRock Inc. (>> BlackRock), which has bought a majority stake in two projects, in one of the country's largest solar financing deals to date.

On Friday, the asset manager said it acquired 90% of the 150-megawatt Daydream and 50-megawatt Hayman solar farms in Queensland state from developer Edify Energy, which will hold the remaining 10% equity interest.

The deal comes just over a month after Tesla Inc. (>> Tesla) Chief Executive Elon Musk agreed to build the world's largest lithium-ion battery system in Australia, collecting power generated by a wind farm in South Australia. South Australia state was hit by a string of blackouts over the past year, raising concerns as some of the country's older coal-fired energy plants are shuttered.

BlackRock said the acquisition adds further solar resources and country diversification to its existing renewable-energy portfolio. Construction on the Australian projects is set to begin and they are scheduled to be fully operational in 2018.

The assets were bought through a private fund managed by BlackRock Real Assets, with long-term debt financing provided by the government's Australia's Clean Energy Finance Corp., Commonwealth Bank of Australia Ltd. and international investment firm Natixis. BlackRock Real Assets has about $30 billion in invested and committed real-estate and infrastructure assets and capital.

Jim Barry, global head of BlackRock Real Assets, said the company's renewable power investments currently amount to more than $4.8 billion of equity assets under management. "We continue to invest in attractive markets in order to provide a flow of addressable investment opportunities for our clients," he said.

Renewable energy still accounts for a relatively small slice of power production in Australia, although the country's major utilities are investing in expanding output.

In May, Origin Energy Ltd. (>> Origin Energy Ltd) sold its Darling Downs solar farm project in Queensland to energy-infrastructure operator APA Group in a deal that had it agree to buy all the power generated by the farm until 2030. In about a year, Origin added more than 650 megawatts of solar to its portfolio as it tracks toward a target of up to 1,500 megawatts of large-scale renewable generation by 2020.

Sustainable Energy Research Analytics, a consultancy, estimated there is about 311 megawatts of solar power now in operation in Australia, 1 gigawatt under construction and a further 6 gigawatts in advanced stages of design.

Write to Robb M. Stewart at [email protected]

Stocks mentioned in the article : BlackRock, Tesla, Origin Energy Ltd
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on BLACKROCK
10/17 YANDEX N.V. : (YNDX) Position Reduced by BlackRock Inc.
10/16 BLACKROCK : Earnings Review and Free Research Report: BlackRock's Q3 Results Out..
10/16 BlackRock Inc. Sells 24,974 Shares of Cal-Maine Foods, Inc. (CALM)
10/16 SIMPSON MANUFACTURING : SSD) Shares Bought by BW Gestao de Investimentos Ltda.
10/14 BLACKROCK : Forms New Digital Wealth Business Unit
10/14 VANGUARD SHT TERM GOVT BOND ETF : Understanding What Makes Vanguard So Successfu..
10/14 BlackRock's Fink warns global surprise could drive stock market correction
10/14 BlackRock's Fink warns global surprise could drive stock market correction
10/13 BLACKROCK : iShares® iBonds® Dec 2017 Term Corporate ETF Nears Final Distributio..
10/12DJBLACKROCK : Maintains Its Strong Cash Pull -- WSJ
More news
News from SeekingAlpha
10/20 Asset managers wary of retirement-savings cap chatter
10/16 ETF PRICE WARS : SSgA slashing fees
10/13 Market Crash? 5 Picks That Took Less Than 12 Months To Get Back On Their Feet..
10/12 INVESCO : Dividend Looks Nice, But Acquisitions Are Costly
10/12 BlackRock, Inc. 2017 Q3 - Results - Earnings Call Slides
Financials ($)
Sales 2017 12 314 M
EBIT 2017 5 193 M
Net income 2017 3 616 M
Debt 2017 -
Yield 2017 2,10%
P/E ratio 2017 21,50
P/E ratio 2018 18,81
Capi. / Sales 2017 6,23x
Capi. / Sales 2018 5,62x
Capitalization 76 725 M
Duration : Period :
BlackRock Technical Analysis Chart | BLK | US09247X1019 | 4-Traders
Technical analysis trends BLACKROCK
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 521 $
Spread / Average Target 9,3%
EPS Revisions
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
Sector and Competitors
1st jan.Capitalization (M$)
BLACKROCK25.29%76 725
UBS GROUP5.96%66 981