BlackRock’s US$1b renewable fund raise brings energy storage into focus

Rooftop solar, energy storage and other less-mainstream green energy technologies are among the targets of a new colossal renewable fund, the creation of the world’s largest asset manager.

BlackRock – a group claiming this year to hold nearly US$7 trillion in assets – said this week it has amassed over US$1 billion in its efforts to raise capital for its latest fund for global renewables, the third of a series it launched in 2011.

The first US$1 billion, collected from 35 American, European and Asian institutional investors, takes the Global Renewable Power III (GRP III) fund closer to its US$2.5 billion final target. The “record” raise was achieved within six months from GRP III’s launch in Q2 2019, BlackRock told PV Tech.

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