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Institutional investors oversubscribe BlackRock renewables fund

BlackRock raised $1.6 billion — $600 million more than its target — for its second Global Renewable Power Fund.

Nearly 70 institutional investors backed the fund, including New Mexico’s State Investment Council.

BlackRock’s David Giordano says the raise proves that “geopolitical movements” have not derailed the global commitment to renewable energy. “The U.S. is going to continue to be one of the largest demanders of capital for new renewable energy projects, despite the sound bites from the federal government,” he said.

BlackRock will invest in renewable projects and infrastructure in the U.S., Europe, Japan, and Australia.

One-fifth of the capital already has been committed to five wind projects.

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