BlackRock Real Assets announced today the final close of Global Renewable Power Fund III (GRP III), achieving $4.8 billion of commitments. According to BlackRock, the fund received commitments from over 100 institutional investors in more than 18 countries, including leading public and private pension funds, insurance companies, endowments, foundations and family offices.
According to BlackRock, with the final close, GRP III becomes the largest independent climate infrastructure fund globally.
David Giordano, Global Head of BlackRock Renewable Power, said:
“We are delighted with the success of this fundraise, which is a testament to the strong global demand for renewable power assets and to our team’s ability to build resilient portfolios that help clients meet their financial and sustainability objectives. By sourcing, building, and optimizing assets throughout their lifecycle, we believe that renewable power has the potential to generate attractive risk adjusted returns and stable cash yields for investors with low correlation to the economic cycle.”
GRP III aims to invest across the spectrum of renewable power and supporting infrastructure globally, including energy storage and distribution and electrified transport. The fund seeks to deliver attractive risk-adjusted returns with positive and measurable environmental and social impact, with an opportunity set reflecting the evolving renewable energy market as well as investors’ growing interest in investments that support the transition to a low carbon economy.
The fund, the third of BlackRock’s Global Renewable Power fund series, has already completed three investments including onshore wind in Europe, solar in Asia, and distributed solar generation in the U.S.
Jim Barry, Chief Investment Officer of BlackRock Alternative Investors and Global Head of BlackRock Real Assets, said:
“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.”