BlackRock Real Assets has raised $1 billion at first close for its Global Renewable Power III fund, 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. The company says the new fund is aiming to invest across the spectrum of climate infrastructure assets, with a focus on renewable power generation, and energy storage and distribution.

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 organization, those 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 investors and one of the most active sectors in infrastructure,” said David Giordano, global head of BlackRock Renewable Power. “More and more investors are asking for solutions that allow them to invest in positive environmental outcomes.”

BlackRock manages one of the largest global renewable power platforms, with $5.5 billion in equity assets under management.

Kali Persall is a reporter at Institutional Real Estate, Inc. and editor of iREOC Connect.