Finance, Hydro, Solar, Wind  -  April 16, 2020

BlackRock closes on $5.1 billion sustainability fund

BlackRock’s Global Energy & Power Infrastructure Fund closed April 15 on a $5.1 billion fund for Global Energy & Power Infrastructure Fund III to invest in sustainability projects.

This is the largest alternative investment fundraising campaign in BlackRock’s history. The fund will specifically target investments in renewable energy (including solar, wind, hydro and waste-to-energy) and natural gas sectors and exclude fossil fuels. Other areas, like utilities, energy transportation and storage, will also be included in the investments. 

“The success of the fundraise reflects the search for diversified returns in a yield-starved environment, which continues to be front of mind for investors,” Mark Florian, Head of the Global Energy & Power Infrastructure team within BlackRock Real Assets, said in a statement. “Our strong off-market sourcing capabilities are differentiated by a disciplined investment approach focused on creating an optimized risk-adjusted return for our investors and a tailored solution for our partners and their customers. This philosophy has led to strong investment deployment and origination that includes multiple repeat partnerships with great companies, and we believe this strategy will continue to create many investment opportunities for our Funds.”

The fund includes investments from 50 institutional investors, including public and private pension funds, sovereign wealth funds, foundations, insurance companies and non-profit organizations across the U.S., Europe, Asia and the Middle East, over 70% of which are repeated investors from past similar funds.

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