BlackRock Real Assets has signed an agreement to sell a portfolio of four operating solar projects in Ontario, Canada, to Ullico for an undisclosed sum.

The transaction marks the third successful realisation for BlackRock’s Renewable Power platform.

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BlackRock Renewable Power global head David Giordano said: “This transaction with Ullico is a testament to the strength of BlackRock’s renewable power platform and our commitment to providing value to our clients.

“Our latest successful exit demonstrates our ability to create outcome-oriented solutions and generate attractive risk-adjusted returns for our clients.”

BlackRock acquired, financed and oversaw construction of the portfolio for a period of more than 18 months.

“The transaction with BlackRock contributes high-quality assets to our portfolio and provides predictable cash yield underpinned by strong off-take contracts.”

The solar farms provide stable cash flows for a long term through standardised fixed feed-in-tariff offtake contracts with Independent Electricity System Operator of Ontario.

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Ullico infrastructure business acquisitions head Rohit Syal said: “The transaction with BlackRock contributes high-quality assets to our portfolio and provides predictable cash yield underpinned by strong off-take contracts.”

Ullico president and CEO Edward Smith said that the company demonstrates its commitment to projects providing clean, sustainable energy across North America through this investment.

In November last year, the company agreed to invest in a portfolio of more than 70 solar and wind power generation projects owned by Alberta Investment Management Corporation affiliates and located across the US.

FTP Power manages the wind and solar farms. The company is contracted to sell power, capacity and renewable energy to investment-grade off-takers as part of long-term agreements.