BlackRock Alternatives’ Climate Finance Partnership (CFP), a flagship public-private finance vehicle that seeks to accelerate the flow of capital into emerging-market climate infrastructure, has partnered with CleanTech Global Renewables, a renewable-energy developer in the Philippines.
Under the new partnership, CFP will support CleanTech’s target to develop 1 gigawatt of solar capacity in the Philippines by 2026. The project is anticipated to improve electricity access for at least 125,000 households across the country, help prevent 1.3 million metric tons of greenhouse-gas emissions over its lifetime and save 3.5 million metric tonnes of water.
The partnership has secured $673 million in commitments from a global consortium of investors including governments, philanthropies and institutional investors in an oversubscribed final fundraise, which exceeded its initial target of $500 million.
This represents CFP’s first investment in Asia Pacific and BlackR