BlackRock Real Assets has agreed to an undisclosed long-term debt financing agreement with Swedish utility company Ellevio, PDI sister publication Infrastructure Investor has reported.
The New York-based private equity firm said its deal with Ellevio provides a number of benefits including long-term, stable cashflows from an electricity system operator in Sweden and a successful transaction completed in Swedish krona.
BlackRock's commitment to Ellevio follows a €250 million loan provided by the European Investment Bank to finance the Swedish utility's investments into “sustainable power networks”.
Jonathan Stevens, BlackRock's head of European infrastructure debt, said the investment provides Ellevio with a diversification from its investor base, “enabling investment in a sustainable electricity network for its customers”.
Stevens joined BlackRock last year as part of a number of new hires to the investment firm's infrastructure team. The firm also brought on Pat Ellers as a managing director for infrastructure equity and Mark Wiseman as a senior managing director.
In January, Brian Chase joined BlackRock's infrastructure team as well, hired from London-based placement agent Campbell Lutyens.
BlackRock's Ellevio transaction brings its total assets under management for infrastructure debt to $5 billion.