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Asset Management Giant Blackrock joins Hands with Bleeding Cleantech Irish Company NTR to invest in Green Infra

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Blackrock the Giant Asset Manger with $3.6 Trillions (yet it is Trillions) has decided to join hands with Irish Company NTR to form a new JV.The purpose of this JV will be to invest directly into cleantech assets and infrastructure.The JV will be a part of the Alternative Energy division of Blackrock which already has $110 billion in cleantech funds.Note NTR is an Irish firm with interest in waste management,ethanol,biomass energy and solar thermal energy.It recently ran into major problems as its subsidiary Tessera Energy faced major delays in implementing 2 Solar Thermal Plants in USA (Imperial Valley and Calico) despite getting US Govt approvals.Tessera problems had a dire effect on the parent company financials resulting in the selling of these 2 solar thermal projects.

Now Blackrock has come to the rescue of NTR with this new JV though the solar thermal projects are gone for good.Investing in renewable energy assets like wind farms has become a lucrative activity with good returns.It is ideal for Blackrock as it needs to deploy large amounts of capital that most other entities lack.It will get the renewable energy expertise from the NTR team joining it while it will deploy capital. A big win for Blackrock and a smaller one for NTR

NTR joins BlackRock in energy venture

THE CHIEF executive of renewable energy and waste management group NTR, Jim Barry, is to step down and become chief investment officer of a new joint venture with international fund manager BlackRock.

The venture will focus on investments in renewable assets. Mr Barry will be replaced as chief executive by Michael McNicholas, who is currently NTR’s chief operating officer.

Some 10-12 NTR executives will move to the new entity, which will be Dublin-headquartered and will have a staff of between 20 and 25.

The deal, which was signed on Friday, has been in the pipeline for five to six months.


Abhishek Shah

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