BlackRock reaches US$1bn FC for the Global Renewable Power III fund

BlackRock Real Assets has achieved a US$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. 

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.

An early mover in identifying renewable power infrastructure as an attractive global fundamental growth story for institutional investors, BlackRock manages one of the largest global renewable power platforms with US$5.5 billion in equity assets under management. Since 2011, BlackRock’s Global Renewable Power platform has invested in more than 250 wind and solar projects globally on behalf of 150 investors. These projects would provide enough clean energy to power 19 million homes over their lifetimes, equivalent to a country the size of Spain.