Excelsior Energy Capital, a Minnesota-based renewable energy infrastructures investor, has sold a portfolio of 38 PV and solar-plus-storage projects to BlackRock’s Evergreen Infrastructure Partners Fund.

The sale to BlackRock represents its first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I LP. It divested its entire stake as part of the transaction.

Excelsior Energy Capital said the seven-year old fund, which has more than $500 million of capital commitments, has invested in solar, wind, and battery storage projects across 10 United States, supporting the generation of more than 3,000 GWh of renewable energy per year.

The project portfolio consists of operational solar and battery storage distributed generation projects with a total capacity of 89 MW (DC).

James Berner, managing director and head of Americas for BlackRock’s Evergreen Infrastructure Partners Fund, said the portfolio “represents an attractive platform investment for the core, open-ended Evergreen fund … This investment, sourced from a strong existing relationship across BlackRock Infrastructure with Excelsior, epitomizes the fund’s strategy of investing in long-dated infrastructure platforms with potential future growth well aligned with the energy transition and energy security.”

Earlier this week, BlackRock announced a €183 million investment in German PV installer Enviria. It also increased its stake in Israeli inverter manufacturer SolarEdge in January.