REG-BlackRock New Engy: Portfolio Update

BLACKROCK NEW ENERGY INVESTMENT TRUST plc
All information is at 31 July 2009 and unaudited.

Performance at month end with net income reinvested
One Three Six One Five Since Launch
Month Months Months Year Years (23 Oct 00)
Net asset value*
(Undiluted) 7.4% 6.9% 12.5% -27.4% 101.6% -47.9%
Net asset value*
(Diluted) 6.5% 6.0% 11.5% -28.0% 99.9% -48.4%
Share price 13.0% 16.4% 22.9% -26.9% 134.1% -50.8%
Source: BlackRock

* Net asset value and share price performance includes the subscription share
reinvestment, assuming the subscription share entitlement per share was sold
and the proceeds reinvested on the first day of trading.

At month end
Net asset value (capital only - undiluted): 48.16p
Net asset value (including income - undiluted): 48.50p
Net asset value (capital only - diluted): 47.80p
Net asset value (including income - diluted): 48.08p
Share price: 47.75p
Discount to NAV**: 0.1%
Subscription Share price: 7.63p
Net yield: n/a

Total assets including current year revenue: £118.21m
Gearing: Nil
Ordinary shares in issue: 243,750,000
Subscription shares in issue: 48,749,811

** Discount to NAV based on capital only, fully diluted NAV.

Benchmark
Sector Analysis % of Total Country Analysis % of Total
Assets Assets

Renewable Energy 53.6 USA 43.2
Enabling Energy Technology 21.0 Spain 16.1
Alternative Fuels 12.5 Denmark 8.4
Materials Technology 6.5 United Kingdom 6.3
Energy Storage 1.2 Germany 4.9
Auto & On-site Generation 0.9 Canada 3.5
Net current assets 4.3 Portugal 3.5
----- South Africa 2.2
100.0 China 2.1
===== Belgium 2.0
France 1.2
Norway 1.1
Ireland 0.7
Austria 0.5
Net current assets 4.3
-----
100.0
=====
Ten Largest Investments (in alphabetical order)

Company Country of Risk
American Superconductor USA
Archer Daniels Midland USA
Climate Exchange United Kingdom
FPL Group USA
Gamesa Corp Technologica Spain
Iberdrola Spain
Iberdrola Renovables Spain
Itron USA
Johnson Matthey United Kingdom
Vestas Wind Systems Denmark

Robin Batchelor and Poppy Allonby, representing the Investment Manager, noted:

Portfolio Performance
The NAV of the BlackRock New Energy Investment Trust plc increased by 7.4%
during July. The month was a strong period for equity markets with many areas
posting sizeable gains. The main driver of this performance was increasingly
positive sentiment in the market as a result of generally better-than-expected
second quarter company earnings and US employment numbers that beat
expectations. Signs that US GDP was stabilising in the second quarter and that
the housing market was recovering supported the view that the pace of US demand
decline was meaningfully slowing and that it may emerge from a recession before
the end of the year.

With regards to the New Energy sector, positive legislative developments
continued in Washington over the month. Guidelines for applications for the
renewable ITC cash mechanism were published. The grant, available to renewable
power developers and manufacturers, is for 30% of project capital costs.
Projects must have started construction by 2010 to qualify so the scheme should
provide a much needed boost to the renewable power build-out.

In China, further details of support for the solar industry emerged. Jiangsu
province drafted policy measures to have 400 MW installed by 2011 through a
feed-in tariff mechanism. Second quarter results in the solar space have so far
been a mixed bag. As we have been predicting for some time, solar module
manufacturers have been forced to compete intensely on price because of
over-capacity. We have been cautiously re-building positions in those solar
companies which are either cost-leaders or able to command a premium for their
product in niche markets. We believe these companies to be the long-term
winners in the industry.

Portfolio Activity
During the month we added to positions in the Enabling Energy Technology and
Alternative Fuels sub-sectors. We continue to focus on larger cap, high quality
companies with commercial products. We have been taking advantage of cyclical
downturns and compressed valuations to build larger positions in companies with
robust long-term business models.

Outlook
The New Energy sector continues to benefit from government-mandated growth
targets which aim to combat climate change and promote energy security.
However, New Energy equities continue to be affected by broader market
volatility as well as the prices of traditional energy such as oil and coal.
Whilst this volatility is likely to continue to affect the sector in the
shorter term, the long-term growth prospects of the sector have not diminished.
Government support of the sector has actually increased recently, as
politicians see New Energy as a popular way to spend infrastructure funds -
stimulating the economy and creating jobs, as well as combating climate change.

Attention to the sector is likely to be heightened at the end of the year as
governments from around the world will meet in Copenhagen to discuss bringing
China, India and the US into a successor accord to the Kyoto Protocol.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

27 August 2009

END