BlackRock Real Assets has raised $1 billion at first close for its Global Renewable Power III fund (GRP III), the third vintage of BlackRock’s global renewable power fund series.
The fund received commitments from more than 35 institutional investors in North America, Europe and Asia. GRP III will look to invest across the spectrum of climate infrastructure assets, with a focus on renewable power generation, and energy storage and distribution, according to BlackRock.
BlackRock’s Global Renewable Power platform has invested in more than 250 wind and solar projects globally on behalf of 150 investors since 2011. According to the firm, these projects would provide enough clean energy to power 19 million homes over their lifetimes, equivalent to a country the size of Spain.
“As global power generation shifts from two-thirds fossil fuels to two-thirds renewables over the next few decades, renewables are increasingly becoming a standalone allocation for investo
