BlackRock Real Assets achieves US$4.8bn FC for Global Renewable Power Fund III

BlackRock Real Assets has successfully achieved a US$4.8 billion final close of Global Renewable Power Fund III (GRP III) with commitments from over 100 institutional investors, including leading public and private pension funds, insurance companies, endowments, foundations, and family offices from over 18 countries globally.

GRP III is the third vintage of BlackRock’s Global Renewable Power fund series and the fifth Fund overall, which invests in global climate infrastructure assets, primarily in renewable power generation, across the Americas, Europe, and Asia. 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.

The Fund has actively begun investing capital and to date has already completed three investments in Europe, Asia, and North America. These investments include onshore wind in Europe, solar in Asia, and distributed solar generation in the U.S., each project playing a vital role in the region’s road to net zero. GRP III follows GRP I, a 2012 vintage, and GRP II, a 2016 vintage, both of which are fully invested.

BlackRock’s Global Renewable Power platform has invested in over 250 wind and solar projects across 13 countries on 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.