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BlackRock completes final close of largest global wind and solar fund

by Andrea Waitrovich

BlackRock Real Assets has completed the final close for its Global Renewable Power II fund with $1.65 billion in commitments.

The final close has exceeded the initial fund target size of $1 billion, reflecting strong investor demand for attractive, environmentally conscious total returns and stable cash yield available in the renewable power asset class.

GRP II has already invested almost 20 percent of client commitments in five wind and solar projects across the United States, Norway and Japan. The strategy of the fund is to build a diversified, global portfolio of wind and solar projects.

According to BlackRock’s 2017 Global Rebalancing Survey, 61 percent of global institutional investors intend to increase exposure to real assets. As institutional investors seek to generate sufficient return in the low return environment, many are turning to infrastructure and renewable energy assets to meet long-dated liabilities. Renewable power is gathering momentum globally. Advancements in technology and substantial cost improvements have helped to make renewable energy sources — particularly wind and solar — more competitive with fossil fuels and one of the most active sectors within infrastructure.

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