BlackRock Writes Down Flagship Renewable Fund, Overhauls Leaders

BlackRock Inc. said it’s writing down the value of one of its flagship renewable funds after two key investments for the vehicle collapsed, and it’s enlisting executives from its recently acquired Global Infrastructure Partners business to help turn around performance.

In a letter to clients Thursday, GIP executives said the “significant markdowns” were driven by ill-fated investments in two now-defunct renewable firms — Northvolt and SolarZero — and fueled a broader look at the portfolio’s projected performance.

A review of assets within BlackRock’s Global Renewable Power Fund III wiped its net internal rate of return to negative 0.3% at the ...