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.
"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.
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.
Among the investments made by the third fund was one in high-power charging network IONITY, which raised 700 million euros in November.
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.
Persons:
BlackRock's Giordano, Climate Infrastructure David Giordano, Giordano, Simon Jessop, Susanna Twidale, Elaine Hardcastle
Organizations:
BlackRock's, LONDON, BlackRock, Renewable Power Fund, Economic Co, Climate Infrastructure, Reuters, European Union, International Energy Agency, Waratah Super Battery, Thomson
Locations:
United States, Australia, Europe, Americas, Asia