BlackRock raises US$4.8 billion for renewables investment

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BlackRock bought US PV developer Distributed Solar Development last year. Image: BlackRock

Asset managing giant BlackRock has raised US$4.8 billion from institutional investors to fund renewable power generation projects in Europe, Asia and the Americas.

BlackRock has closed the third fund of its Global Renewable Power Fund (GRPIF), securing investment from a range of pension funds, foundations, family offices and insurance companies from 18 countries.

The announcement comes after BlackRock managed to break its own fundraising record with the same GRPIF vehicle last April, bringing in US$5.1 billion in commitments from investors, two years after fundraising began.

David Giordano, global head of BlackRock Renewable Power, said that the investment has the potential to “generate attractive risk adjusted returns and stable cash yields” for institutional investors, and called the latest funding round “a testament to the strong global demand for renewable power assets”.

The GRPIF III fund has already invested in a handful of renewable power generation projects worldwide including onshore wind in Europe, solar in Asia, and distributed solar generation in the US.

BlackRock’s GRPIF series sits alongside its renewables-only GRP franchise, which has invested in more than 250 wind and solar projects to date, and oversees US$9 billion of client capital. An earlier fund, GRPIF II, fully acquired US commercial and industrial PV developer Distributed Solar Development (DSD) from GE Renewable Energy last November.

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