BlackRock, the world’s largest asset manager, is launching its fourth Global Renewable Power Fund with a target of raising up to $7 billion from investors, the company announced Thursday.
The program — first reported by Reuters — will fall under BlackRock’s Climate Infrastructure franchise, which currently manages more than $10 billion on behalf of its clients, the company told the Daily Caller News Foundation. The fund will primarily focus on power generation technologies like wind and solar, and supporting technology like batteries and grid infrastructure, Reuters reported. (RELATED: US Electricity Bills Shot Up At Record-Breaking Pace In 2022)
“You have folks now that are really trying to focus their portfolio construction around the different sub-sectors in infrastructure,” David Giordano, the firm’s Global Head of Climate Infrastructure, told Reuters. The fund will focus on the three core themes of “Policy, Technology, and Investor Demand” achieving both “strong financial & impact returns for investors,” the company told the DCNF.
NEW SERIES: Go #OutofOffice with us to see innovation in action as we visit a range of portfolio companies in which we invest our clients’ money. This stop – BlackRock’s Mark Wiedman, Head of Global Client Business, visits solarZero in New Zealand. Watch what we learned. pic.twitter.com/JFDJKfL9H6
— BlackRock (@BlackRock) June 2, 2023
BlackRock’s previous iteration of the fund, Global Renewable Power Fund III, raised $4.8 billion and closed in April 2021, the company told the DCNF. The new version is targeting a goal of between $5 billion and $7 billion, BlackRock told Reuters.
Republican politicians and states have been pushing back on investors that focus on promoting green technology or advancing environmental, social and governance (ESG) programs, with several Republican states pulling their funds from BlackRock over its commitment to these issues. Despite this, investors in green energy projects have been unperturbed, with demand for such projects actually increasing, Giardano told Reuters.
“I would say that the commitment of institutional investors to invest in the infrastructure of today and the infrastructure of the future is actually quite strong,” Giordano reportedly said.
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