BlackRock鈥檚 UK renewable energy fund has grown to 拢1.1bn (鈧�1.24bn) in commitments after the company opened the fund to more investors.
The Renewable Income UK fund, which invests in wind and solar power assets in the UK, raised 拢475m after a 鈥渢hird re-opening鈥�, BlackRock said.
It said UK pension funds were showing strong demand for long-term income.
The fund鈥檚 manager Rory O鈥機onnor, head of European renewables Investment at BlackRock Real Assets, said it 鈥渄emonstrates the attraction of the fund鈥檚 stable and inflation-linked income profile in the current market environment鈥�.
The fund has invested more than 拢600m in 40 wind and solar projects in the UK and aims to give immediate exposure to a portfolio of cash-generating renewable power assets.
According to a survey of its clients conducted in November, 63% of UK institutional investors intended to increase exposure to real assets.
鈥淎s institutional investors seek to generate sufficient return in the low return environment, many are turning to infrastructure and renewable energy assets to meet long-dated liabilities,鈥� BlackRock said.
Last week, BlackRock 鈥� a hybrid vehicle investing in infrastructure debt, renewable energy, real estate debt, long-lease property and private credit.
In early July, the firm announced it had , which it said was the largest wind and solar power fund in the world.
