BlackRock and Santander have announced the signing of a memorandum of understanding under which funds and accounts managed by BlackRock will invest up to $1 billion per year in specific financing projects, energy financing, and infrastructure debt investment opportunities with Santander through structured transaction formats.
The agreement continues a previous one in which funds and accounts managed by BlackRock agreed to provide financing for a diversified $600 million infrastructure credit portfolio of Santander.
“We are thrilled to extend our long-standing relationship with Santander through this agreement, which will provide long-term, flexible capital on a recurring basis to support the growth of their project finance franchise. At the same time, this collaboration will provide greater access to attractive and differentiated investment opportunities for our clients now and in the long term,” said Gary Shedlin, Vice Chairman of BlackRock.
“This framework agreement with BlackRock will allow us to continue proactively rotating our assets, further strengthening our financial position, and enabling us to generate capital for additional profitable growth. We look forward to working with BlackRock through this expanded partnership,” said José García Cantera, CFO of Santander.
BlackRock’s private debt franchise, valued at $86 billion, offers differentiated, flexible, and scalable financing solutions to a wide network of financial institutions and global corporate relationships. The company has developed one of the leading infrastructure debt franchises in the market, sourcing, structuring, and managing client assets with revenue-generating potential.
