Finance, Sourcing Renewables - April 9, 2021
BlackRock Raises $4.8 Billion for Climate Investments
BlackRock Real Assets reported a $4.8 billion final close of its Global Renewable Power Fund III with commitments from more than 100 institutional investors and significantly exceeding its initial target. The fund invests in global climate infrastructure assets, primarily in renewable power generation, across the Americas, Europe, and Asia.
GRP III is the third vintage of BlackRock’s Global Renewable Power fund series and the fifth Fund overall. According to a statement from the company, GRP III seeks to deliver attractive risk-adjusted returns with positive and measurable environmental and social impact by investing across the spectrum of renewable power and supporting infrastructure globally, including energy storage and distribution and electrified transport. Its opportunity set reflects the evolving renewable energy market as well as investors’ growing interest in investments that support the transition to a low carbon economy.
Jim Barry, Chief Investment Officer of BlackRock Alternative Investors and Global Head of BlackRock Real Assets, commented, “GRP III invests in the sustainable infrastructure of the future. As the world strives toward net zero carbon emissions by 2050, the transition will have dramatic impacts not only for public equities but for private markets as well, creating significant opportunities for front-footed investors. BlackRock is committed to growing its sustainable private market offerings across asset classes, including climate infrastructure.”
BlackRock’s Global Renewable Power platform has invested in over 250 wind and solar projects across 13 countries in 4 continents. The Global Renewable Power team consists of 54 professionals, with 20 years of investment and technical expertise. The team manages over US$9 billion of client capital, with an emphasis on globally diversified portfolios, measurable climate impact, and differentiated sourcing.
- Temasek and BlackRock form Decarbonization Partners
- Larry Fink’s 2021 letter to CEOs
- BlackRock closes on $5.1 billion sustainability fund
- BlackRock sharpens focus on portfolio climate risk
- BlackRock issues climate change warning to investors
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