BlackRock has raised $275 million from Asian and European institutional investors in a first close for its European renewables fund, Renewable Income Europe.
The vehicle, which has a 20-year buy-and-hold strategy, will target long-term inflation-linked income. Investments will be made without leverage and focus on projects across wind and solar photovoltaic (PV) systems.
BlackRock said the fund’s investment team would look for investments in Europe, with the majority of opportunities in Western Europe.
The company said European investors have recently shown bullishness towards certain alternative asset classes, with 60% intending to increase exposure to real assets, according to a poll conducted by the firm.
BlackRock recently announced it was creating a real assets group, headed by Jim Barry, as part of a wider reorganisation, with the move taking effect this month.