BlackRock (NYSE:BLK) will invest up to $1B per year in select project finance, energy finance, and infrastructure loans from Banco Santander (NYSE:SAN), the companies said Thursday. The move comes after funds and accounts managed by BlackRock (BLK),

BlackRock Inc. will invest as much as $1 billion a year in energy and project finance assets from Banco Santander SA, signaling another step in the money manager’s growing expansion this year into infrastructure.

BlackRock, Inc. BLK and Banco Santander, S.A. SAN have signed a memorandum of understanding, under which funds and accounts managed by BLK will invest up to $1 billion per year in select project finance,

An agreement has been reached between BlackRock and Santander whereby BlackRock funds and accounts will use organised transaction formats to invest up to $1bn annually in infrastructure debt, project finance,