BlackRock Raises $1.65B For Second Renewable Energy Fund

Jul 6 2017 | 7:10pm ET

Global alternative asset manager BlackRock has raised $1.65 billion in capital commitments for its second renewable energy fund, easily beating its original target of $1 billion. 

The new fund, named the BlackRock Global Renewable Power Fund II, was supported by 67 institutional investors in North America, Europe and Asia, according to the company. It will invest in utility-scale wind and solar projects around the world, expecting to have a portfolio comprised of roughly 85% solar and 15% wind, about a third devoted to projects under construction phase, and divided 60/40 between U.S. assets and those in Europe and Canada.

About 20% of the new fund is already invested, the company said, deployed across five wind and solar projects in the U.S., Norway and Japan, and the rest will be invested over the next five years, according to a Bloomberg article. The fund will be managed by BlackRock’s Real Assets group.

Founded in 1999, BlackRock is the world’s largest asset management firm, with a total AUM of more than $5.4 trillion as of March 31, 2017 across equity, fixed income, cash management, alternative investment, real estate and advisory strategies.


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