BlackRock’s GRP III Nets $1 Billion for Renewable Energy Investments

BlackRock’s GRP III Nets $1 Billion for Renewable Energy Investments

BlackRock Real Assets says it has achieved a $1 billion first close for its Global Renewable Power III fund (GRP III), with commitments from over 35 institutional investors in North America, Europe and Asia.

The record first close reflects strong investor demand for
renewable power assets that can potentially generate attractive risk adjusted returns
with low correlation to the economic cycle, and that align with their long-term
sustainability goals.

GRP III is the third vintage of BlackRock’s global renewable
power fund series. The fund seeks to invest across the spectrum of climate
infrastructure assets, with a focus on renewable power generation, and energy
storage and distribution.

BlackRock manages one of the largest global renewable power
platforms, with $5.5 billion in equity assets under management. BlackRock’s
Global Renewable Power platform has invested in more than 250 wind and solar
projects globally on behalf of 150 investors.

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“As global power generation shifts from two-thirds fossil
fuels to two-thirds renewables over the next few decades, renewables are
increasingly becoming a standalone allocation for investors and one of the most
active sectors in infrastructure. Led by an experienced team of renewable power
sector specialists, we are well positioned to source the best investment
opportunities presented by the energy transition for our clients,” says David
Giordano, global head of BlackRock Renewable Power.

The post BlackRock’s GRP III Nets $1 Billion for Renewable Energy Investments appeared first on Solar Industry.

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