• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 2 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 7 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 4 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 1 hour Cost of oil
  • 3 hours Democrats and Gun Views
  • 11 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 11 hours Trump Orders Biofuel Boost
  • 16 hours Buy Oil Monday?
  • 6 hours Iran says tanker oil sold at sea, buyer sets destination
  • 15 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 12 hours “Who’s going to bail out the Central Banks?”
  • 1 hour US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 15 hours Green New Deal Preview in Texas Town
Alt Text

The Key To A Reliable And Greener Power Grid

Smart appliances and millions of…

Alt Text

Big Oil To Seal Record Number Of Green Energy Deals In 2019

The world’s biggest oil companies…

Alt Text

Oil Prices Must Drop Sharply To Compete With EVs

The long-term breakeven oil price needs to…

Mark Nicholls

Mark Nicholls

Mark is a writer for Environmental Finance. Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance,…

More Info

Premium Content

Blackrock's Foray into the Renewable Energy Sector

Investment management giant BlackRock has launched a new renewable power investment group, led by the CEO of Irish utility NTR – marking its first foray into renewable energy infrastructure investing.

Jim Barry is leading a team of 10 senior staff leaving NTR to run the new group, which is the product of a “strategic relationship agreement” between the two companies.

“This is shaped by NTR’s view that there’s a requirement for new channels of capital to help with the deployment of renewable energy infrastructure,” Barry told Environmental Finance, given the undercapitalisation of independent developers and the pressures on the balance sheets of European and US utilities.

“We didn’t feel that NTR Plc is the right vehicle” for the sort of fund-raising that will be possible through BlackRock – which manages $3.2 trillion – “and for them to make a commitment to go into renewable energy is very good for the sector as whole,” he said.

Jim Barry, from NTR to BlackRock: "requirement for new channels of capital" for renewables

The agreement will see Barry’s team move over to BlackRock within the next couple of weeks, and establish a “new investment platform”. The platform will be 100% owned by BlackRock, but NTR will “retain an economic interest in an identified set of products” it launches, the companies said.

Barry declined to comment on what sort of products the group will launch, the fund-raising target or likely investments, citing regulatory constraints.

However, the group will be headquartered in Dublin with offices in London and New York, and NTR’s renewables investments to date – totalling 4 gigawatts of capacity – have focused on wind and solar in the US and Europe.

Barry said that the initiative is the latest in a string of spin-offs and new businesses launched by NTR over recent years. It spawned Airtricity, a renewable energy developer sold to Scottish & Southern Energy and E.ON for around $2.5 billion, and Green Plains Renewable Energy, the fourth largest ethanol producer in the US, among others.

The move will mark the first investments in renewables infrastructure for BlackRock Alternative Investors, within which the group will sit, and which manages $110 billion of assets. However, BlackRock manages the $2.7 billion New Energy Fund, launched in 2001 and which invests in listed renewable energy stocks.

Barry will be replaced at NTR by Michael McNicholas, currently chief operating officer and a former executive at Irish utility ESB.

By. Mark Nicholls

Source: Environmental Finance




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play