Asset manager BlackRock is planning to invest up to $1bn (鈧�897m) per year in project finance, energy finance and infrastructure debt investment opportunities through an expanded partnership with financial services firm Santander.
The two firms have agreed a partnership whereby BlackRock鈥檚 funds and accounts managed by BlackRock will invest the capital each year with Santander through structured transactions.
The agreement builds on an initial transaction involving funds and accounts managed by BlackRock providing financing on a $600m portfolio of infrastructure credit from Santander in April.
Gary Shedlin, vice chairman at BlackRock, said: 鈥淲e 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.
鈥淎t the same time, this agreement will provide further access to attractive, differentiated investment opportunities for our clients now and over the long term.鈥�
Jose Garcia Cantera, Santander鈥檚 CFO, said: 鈥淭his 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.
鈥淲e look forward to working with BlackRock through this expanded partnership.鈥�
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