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
Jun 15 - Jun 16, 2021
The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.