BlackRock has completed the final close of its second Global Renewable Power Fund (GRP II) after securing $1.65bn of commitments from institutional investors around the world, blowing past the $1bn it was looking for.

GRP II is the world’s largest such fund focused on solar and wind energy, BlackRock says.

The announcement reflects “strong investor demand for attractive, environmentally conscious total returns and stable cash yield available in the renewable power asset class”, the company says.