- BlackRock Real Assets’ GRP III fund has raised $4.8 billion to be invested in renewable energy generation assets
- It has been arranged from more than 100 institutional investors including leading public and private pension funds, insurance companies, endowments, foundations and family offices
- The fund is focused on projects across Americas, Europe and Asia and has already completed 3 investments in Europe, Asia and North America
BlackRock Real Assets of global investment manager BlackRock has achieved financial closure for its Global Renewable Power Fund III (GRP III), raising a total of $4.8 billion from more than 100 institutional investors. It plans to deploy this capital to support renewable energy generation projects across Americas, Europe and Asia.
In the previous fundraising round for GRP III, BlackRock raised $1 billion from 35 institutional investors (see BlackRock Raises $1 Billion For Third RE Fund).
BlackRock lists these institutional investors as comprising leading public and private pension funds, insurance companies, endowments, foundations and family offices from 18 countries globally. Its previous 2 funds, GRP I and GRP II are both fully invested.
The GRP III is already investing capital in onshore wind projects in Europe and solar in Asia, along with distributed solar generation in the US, having completed 3 investments in Europe, Asia and North America. Energy storage and distribution and electrified transport also falls in its purview.
“GRP III invests in the sustainable infrastructure of the future,” said Chief Investment Officer of BlackRock Alternative Investors and Global Head of BlackRock Real Assets, Jim Barry. “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.”
Before this fund raising round, BlackRock raised $5.1 billion for Global Energy & Power Infrastructure Fund III (see BlackRock Raises $5.1 Billion For Energy Infrastructure).
So far the Global Renewable Power platform of BlackRock, it shared, has invested in more than 250 wind and solar projects across 13 countries and 4 continents with the team managing more than $9 billion capital.