BlackRock and Santander signed a memorandum of understanding (MoU) by which funds and accounts managed by BlackRock will invest up to $1 billion per year in select project finance, energy finance and infrastructure debt investment opportunities with Santander through structured transaction formats.

The agreement follows an initial transaction whereby funds and accounts managed by BlackRock agreed to provide financing on a $600 million diversified 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,” Gary Shedlin, vice chairman of BlackRock, said. “At the same time, this agreement will provide further access to attractive, differentiated investment opportunities for our clients now and over the long term.”

“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,” Jose Garcia Cantera, chief financial officer of Santander, said. “We look forward to working with BlackRock through this expanded partnership.”