BlackRock, Santander Deepen Partnership for Private Asset Financing
BlackRock and Santander announced the signing of a memorandum of understanding (MoU) by which funds and accounts managed by BlackRock will invest up to $1 billion annually in project finance, energy finance, and infrastructure debt investments.
The partnership builds on a previous transaction announced in April whereby funds and accounts managed by BlackRock agreed to provide financing on a $600 million portfolio of infrastructure credit from Santander.
“We are pleased to expand our longstanding relationship with Santander through this agreement, which will provide long-term, flexible capital on a recurring basis to support the growth of its project finance franchise,” said Gary Shedlin, Vice Chairman, BlackRock.
“This framework agreement with BlackRock will allow us to continue to proactively rotate our assets, further strengthening our financial position and allowing us to generate capital for additional profitable growth,” added Jose Garcia Cantera, CFO, Santander.
BlackRock’s $86 billion private debt unit provides financing solutions to a broad network of global institutions and corporate relationships.
