BlackRock raises $252m for clean energy

The partnership between BlackRock Alternative Investors and Irish clean energy developer NTR has raised capital from 18 investors, according to SEC filings.

BlackRock has held a first close on about $252 million for the BlackRock NTR Renewable Power Fund, according to documents filed with the US Securities and Exchange Commission.

The fund, which has attracted capital from a total of 18 investors, according to the filings, has been raising capital since March 2011 when BlackRock launched its renewable power investment group in partnership with Irish clean energy developer NTR. Former chief executive of NTR Jim Barry is chief investment officer of the renewable power group.

BlackRock Alternative Investors has a total of 22 professionals in its renewable power group and more than 50 investment professionals in its private equity fund of funds division. Its direct private equity team, established in May 2011, is comprised of 18 individuals, according to the firm.

BlackRock declined to comment on the fundraise.

NTR, which has not received funding from BlackRock in connection with the partnership, could not comment on BlackRock’s activities, but said in a statement “we can confirm that there is a strategic relationship between the two companies, under which NTR will provide market perspective and insights to the renewable power investment team (established last year) and will also retain an economic interest in an identified set of products on the new investment platform”.

NTR was founded in 1978 and started out as a developer of infrastructure products in Ireland. It now focuses on renewable energy and waste management projects in the US as well as Ireland.
BlackRock Alternative Investors manages $110 billion of assets, as of 31 March, 2012. BlackRock, a publicly listed investment company, spun out of The Blackstone Group in 1992.