A team of professionals from Dublin-based renewable energy business group NTR will join BlackRock to launch a renewable power investment group, confirmed Matthew Botein, managing director and head of BlackRock Alternative Investors.
Jim Barry, NTR’s CEO, will come to BlackRock as the renewable power investment team’s chief investment officer, with 12 of his colleagues forming its nucleus. “Over time, the unit plans to expand its team to about 25 people — with the balance to come from NTR and new hires,” said BlackRock spokesman Brian Beades.
Michael McNicholas, NTR’s COO, was named deputy CEO, assuming responsibility for day-to-day operations immediately, and will become CEO when Mr. Barry moves to BlackRock by this summer. A spokeswoman for NTR said Mr. McNicholas will retain his COO duties.
Mr. Botein, whose BlackRock Alternative Investors oversees $110 billion of client assets, called the strategic relationship with NTR an example of the things BlackRock is doing to help clients “lock in the long-term, inflation-protected cash flow” they’re seeking to meet their funding obligations.
“The new renewable power investment team will combine the international track record of NTR in renewable power infrastructure development with the global fund management and distribution capabilities of BlackRock,” according to a BlackRock news release.
“As part of the strategic relationship between the two companies, NTR will provide market perspective and insights to the renewable power investment team and will also retain an economic interest in an identified set of products on the new investment platform,” according to the release.