The new venture will be headquartered in Ireland and is expected to trawl markets in various locations for renewable deals.
BlackRock said the new investment group will comprise a number of key renewable power principals from NTR, joining the BlackRock Alternative Investors or BAI investment platform, which currently manages over $110bn of assets across a range of alternative investment strategies.
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.
Current and past renewable energy infrastructure activities of NTR have included the development of over four gigawatts of wind and solar projects in the US and Europe.
The strategic arrangement sees NTR’s CEO, Jim Barry, take up the role of chief investment officer of the renewable power investment team within BAI with responsibility for establishing and developing the platform.
The precise details of how the new alliance between NTR and BlackRock will work were not spelled out.
BlackRock Alternative Investors head Matthew Botein said with global alternative industry assets under management now surpassing $5 trillion, BlackRock continues to witness increasing demand for innovative, value added alternative investments products from institutions, foundations and endowments, as well as high net worth investors and their representatives.
"Renewable power represents a compelling investment proposition for investors as long-term trends point to an expansion in energy demand. Renewable power is expected to make up the lion’s share of relative growth in power generation methods over the next 25 years," Botein said.
