BlackRock Real Assets has raised $1.65bn (€1.46bn) for its Global Renewable Power II fund, exceeding its $1bn target.

The fund manager said it is the largest wind and solar power fund in the world.

Sixty-seven institutional investors in North America, Europe and Asia committed capital to the fund, whose strategy is to build a diversified global portfolio of wind and solar projects.

Nearly 20% of the money raised has already been invested in five wind and solar projects across the US, Norway and Japan.

David Giordano, head of renewable power North America, APAC and Latin America at BlackRock and portfolio manager of the fund, said BlackRock had invested in more than 100 wind and solar projects around the world since 2010, and that it managed over $4.2bn of equity assets in the renewable power sector.

“We have maintained the discipline of investing exclusively in renewable power, one of the most active sectors for deal flow in the growing infrastructure asset class,” he said.

The commitments from investors reflected “strong investor demand for attractive, environmentally conscious total returns and stable cash yield available in the renewable power asset class,” BlackRock said.