Market Overview

BlackRock Real Assets Sells Stake in CWS Wind Project to Greenbacker

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BlackRock Real Assets ("BlackRock") has reached an agreement with Greenbacker Renewable Energy Corporation ("Greenbacker") for the sale of its controlling interest in Community Wind South ("CWS"), a 30.75 MW community-based operating wind project in Minnesota. The transaction marks another realization for BlackRock's Renewable Power platform and gives Greenbacker a high-quality, long-term contracted renewable asset in the Midwest power market.

Community Wind South was the first renewable energy infrastructure investment for BlackRock's Renewable Power platform, which was launched in 2012 by funds managed by BlackRock Real Assets. The wind project is a core infrastructure asset with a track record of consistent operational performance. It benefits from stable cash flows through a long-term offtake contract with Northern States Power, a wholly-owned subsidiary of Xcel Energy, which serves millions of customers across Minnesota, North Dakota and South Dakota.

"We are pleased to partner with Greenbacker on this transaction, which reflects our commitment to outcome-oriented solutions that meet our partners' financial objectives and enable the production and delivery of carbon-free energy," said David Giordano, Global Head of Renewable Power at BlackRock. "This transaction further demonstrates BlackRock's ability to source complex projects and commitment to finding value for our clients across the full cycle of investment in the renewable power sector."

"Greenbacker is thrilled to acquire Community Wind South, a well-performing asset that will provide attractive and stable cash flows to our investors for many years to come," said Charles Wheeler, CEO of Greenbacker. "We are grateful for the opportunity to develop a relationship with BlackRock and are excited to support Xcel Energy and the State of Minnesota with their respective ambitious clean energy targets."

Skadden, Arps, Slate, Meagher & Flom LLP is the legal advisor on this transaction for BlackRock. Stoel Rives LLP is the legal advisor to Greenbacker.

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of March 31, 2019, the firm managed approximately $6.52 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

About BlackRock Real Assets

In today's dynamic and complex global investing market, we seek to 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 $50 billion in client commitments as of March 31, 2019, 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 Greenbacker

Greenbacker seeks to acquire and operate a diversified portfolio of income-producing sustainable infrastructure assets in North America. Founded in 2011, Greenbacker generates attractive risk-adjusted returns for our shareholders through harvesting long-term and predictable cash flows from proven technologies. As of March 31, 2019, Greenbacker is building, owning, and operating over 325 MW of PV Solar, 62 MW of onshore wind, and 12 MW of biomass. For more information, please visit www.greenbackercapital.com.

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