BlackRock Real Assets has raised a total amount of €650 million (US$720 million) for its Renewable Income Europe fund. According to sources, twenty-five institutional investors in Europe and Asia backed the fund.
The vehicle, which initially targeted a size of €500 million (US$554 million), has a 20-year buy-and-hold strategy. The fund targets long-term inflation-linked income. Investments are made without leverage and focus on projects across wind and solar photovoltaic (PV) systems.
BlackRock said the fund’s investment team looks for investments in Europe, with the majority of opportunities in Western Europe.
In early February we informed that BlackRock raised US$275 million in the first close for the fund.