The renewable energy infrastructure fund launched by BlackRock last year is approaching a first close at $400 million, Environmental Finance understands.

A Dublin-based fund management team, led by Jim Barry, a former CEO of Irish utility NTR, was put together in March last year to raise an unspecified amount of money to invest in renewable energy projects.

The fund is understood to be targeting a final close at $1.5 billion and will imminently announce its first close at $400 million, according to market sources.

A spokesman at BlackRock’s London office declined to comment, citing regulatory constraints.

BlackRock manages more than $2 billion in renewable energy equity funds, but this fund represents its first foray into renewables infrastructure.

By: Christopher Cundy
Environmental Finance