BlackRock UK renewable fund surpasses £1 billion landmark

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
BlackRock has worked with a number of developers in the UK. Image credit: ib vogt.

Leading asset management group BlackRock has taken its Renewable Income UK fund up to £1.1 billion (US$1.43 billion), making it one of the largest single investments in renewable energy.

The fundraiser, for its third reopening, secured an additional £475million (US$612million), building on the £600 million (US$780 million) already invested in 40 wind and solar projects across the UK.

70% of the investment was raised from BlackRock’s existing partnerships while a proportion of the investment comes from British pension funds, highlighting the demand from the UK for renewable power income.

Manager of the fund, Rory O’Conner said: “The successful fundraising for RIUK demonstrates the attraction for the Fund’s stable and inflation-linked income profile in the current market environment”.

BlackRock said the investment opportunities are appealing to their clients as they benefit from immediate ownership of cash generating assets. It added: “Investors are turning to renewable energy assets to meet long-dated liabilities”.

Charlie Reid, BlackRock portfolio manager, said that it identified the attraction of the renewables platform early, adding that it is now the largest renewable investment fund in the UK.

This story originally appeared on Solar Power Portal

Read Next

December 3, 2021
Solar investor and asset manager NextEnergy Capital Group (NEC) has secured backing from the UK Infrastructure Bank for a new fund that aims to raise £500 million (US$663 million) to invest in subsidy-free solar power plants in the UK.
December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 30, 2021
Solar risk manager kWh Analytics has launched a new offering that it says allows PV project owners to receive upfront payments in return for maintaining asset performance.
November 30, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar has raised US$150 million through a share offering, with proceeds set to help the manufacturer expand its energy storage arm.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal