{"id":19783,"date":"2023-06-08T03:02:05","date_gmt":"2023-06-08T07:02:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/exclusive-blackrock-eyes-7-billion-for-new-global-renewable-power-fund\/"},"modified":"2023-06-08T03:02:05","modified_gmt":"2023-06-08T07:02:05","slug":"exclusive-blackrock-eyes-7-billion-for-new-global-renewable-power-fund","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19783","title":{"rendered":"Exclusive-BlackRock eyes $7 billion for new Global Renewable Power Fund"},"content":{"rendered":"
\n

By Simon Jessop and Susanna Twidale<\/p>\n

LONDON (Reuters) – The world’s biggest asset manager BlackRock (NYSE:) said it hopes to raise up to $7 billion for its fourth Global Renewable Power Fund as clients ramp up climate-friendly investments.<\/p>\n

The fund, focused on projects in Organisation for Economic Co-operation and Development countries, could invest across wind and solar as well as other clean technologies such as batteries and grid infrastructure.<\/p>\n

Demand from institutional investors to back such projects has increased in recent years as more seek to align their portfolios with the transition to a low-carbon economy, BlackRock’s Global Head of Climate Infrastructure David Giordano told Reuters.<\/p>\n

The move has also been fuelled by a rapidly changing policy backdrop, with the United States and European Union both introducing major financial backing for clean energy to help cut carbon emissions in the fight against global warming.<\/p>\n

“You have folks now that are really trying to focus their portfolio construction around the different sub-sectors in infrastructure,” Giordano said, citing increasing demand from pension schemes attracted to assets that match long-term liabilities.<\/p>\n

The demand comes despite some U.S. Republicans pushing back against climate-driven constraints on fossil fuel companies, he said.<\/p>\n

“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 said.<\/p>\n

As a result, the company said it is targeting between $5 billion and $7 billion for its fourth fund, after $4.8 billion was raised for its predecessor, which closed in April 2021.<\/p>\n

To reach net-zero emissions by 2050, the International Energy Agency has said annual clean energy investment will need to more than triple to $4 trillion by the end of the decade.<\/p>\n

Among the investments made by the third fund was one in high-power charging network IONITY, which raised 700 million euros in November. It also backed the Waratah Super Battery in Australia, which will be the world’s largest grid-scale battery.<\/p>\n

Roughly a third of the latest fund would likely be invested in each major region – Europe, the Americas and Asia – although there are no set targets.<\/p>\n

Depending on the amount raised, the fund could make around 18-22 investments across a mixture of early stage and developed projects, Giordano said, and could also consider co-investments. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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