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Money Management

BlackRock closes renewable energy fund at $1.65 billion

BlackRock (BLK) announced the final closing of the BlackRock Global Renewable Power Fund II, with $1.65 billion in commitments secured from 67 institutional investors in North America, Europe and Asia. The final close exceeded the initial target of $1 billion, spokeswoman Tara McDonnell said.

The value-added global renewable energy fund will invest in utility-scale wind and solar projects. The fund's portfolio is expected to be roughly 85% solar and 15% wind, with about a third of the projects being in the construction phase. About 60% of the portfolio will be invested in the U.S., with the rest in Europe and Canada.

The fund has already invested almost 20% of client commitments in five wind and solar projects across the U.S., Norway and Japan.

Investors in the new fund include the $13 billion Orange County Employees Retirement System, Santa Ana, Calif.; Minnesota State Board of Investment, St. Paul, which oversees $85 billion in state pension and other assets; and $22.1 billion New Mexico State Investment Council, Santa Fe.

BlackRock had $5.4 trillion is assets under management as of March 31.