Blackrock Aims to Raise $7B for Renewable Power Fund
Global asset manager Blackrock is reportedly aiming to raise $7 billion for its fourth renewable energy fund – Global Renewable Power Fund IV.
The firm previously raised $4.8 billion for its predecessor vehicle in the strategy in 2021 and told Reuters it could collect between $5 billion and $7 billion for the latest fund in the series.
BlackRock global head of climate infrastructure, David Giordano, told Reuters that demand from institutional investors to back cleantech businesses had increased in recent years amid a wish to align their portfolios with the low-carbon economy.
The fund is looking to make between 18 and 22 investments across early-stage and developed projects, with about one-third of the capital earmarked for each of Europe, the Americas and Asia.
The $7 billion target is slightly below the $7.5 billion being pursued by Blackrock’s Global Infrastructure Fund IV. The vehicle reached a $4.5 billion first close last October.
The International Energy Agency (IEA) predicts about $2.8 trillion will be spent on global energy in 2023, $1.7 trillion of that on clean generation and infrastructure such as renewables, grids storage and EVs, with the rest going to fossil energy sources.
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