BlackRock, the world’s biggest asset manager, has agreed to buy the energy-infrastructure platform from US private-equity firm First Reserve, expanding its exposure to wind power across North America and Europe.

The deal will see BlackRock taking on two of First Reserve’s energy-infrastructure funds that oversee $3.7bn in capital, including a number of large wind projects. It comes as a range of investors are moving to place bets on a massive infrastructure build-out under President Donald Trump.