BlackRock is creating a JPY 55 billion ($500 million) fund to develop infrastructure for the transportation of green energy in emerging markets, according to Nikkei.
Known as Climate Finance Partnership, the fund will be launched in collaboration with government agencies and private financial institutions from Japan, Germany and France. It will target infrastructure project investments in Asia, Latin America and Africa.
Sources say half the initial fundraising target has been raised already from government-linked organizations such as the Japan Bank for International Cooperation, the French Development Agency and Germany's state-owned government development bank (KfW). In addition, Japan's Dai-ichi Life Insurance Co., Mitsubishi UFJ Financial Group and other investors are believed to have added several billion yen.
The fund will help set up renewable energy transmission and distribution networks to improve energy efficiency in industrial areas, as well
