BlackRock Real Assets holds USD4.8bn final close for Global Renewable Power Fund III
08/04/2021 - 9:20am
BlackRock Real Assets has successfully achieved a USD4.8 billion final close for 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 BlackRocks Global Renewable Power fund series and the fifth Fund overall, which invests in global climate infrastructure assets, primarily in renewable power generation, across 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, 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 US, with each project playing a vital role in the regions road to net zero. GRP III follows GRP I, a 2012 vintage, and GRP II, a 2016 vintage, both of which are fully invested.