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Fund Solutions

BlackRock Infrastructure Fund Targets Energy Transition, Security

US asset manager BlackRock’s Evergreen Infrastructure fund has secured almost US$1 billion in client commitments from European founding partners and has committed capital to a solar and battery platform. Announced in June 2022, Evergreen Infrastructure is an open-ended infrastructure equity fund that focuses on investing in infrastructure businesses in Europe and North America aligned with the themes of energy transition and energy security. According to BlackRock, it seeks to deliver consistent long-term cash yield and “resilient inflation-linked, fully contracted returns” by investing in core infrastructure businesses diversified across geographies and sectors. In addition to energy transition and security, the fund will also focus on thematic sectors including transportation, digital infrastructure and the circular economy. Cornerstone commitments come from European institutional investors including Italian bank Intesa Sanpaolo and Inarcassa, the pension scheme for Italian engineers and architects. Around 50-60% of the fund’s total portfolio is expected to be allocated to the region. Evergreen Infrastructure has signed definitive documentation to acquire Lighthouse, a US solar and battery storage platform with an operating portfolio spanning six US states that aims to capitalise on growing demand for distributed renewable energy. “In today’s evolving energy landscape, companies are looking for capital that will partner with them as they adapt their businesses and navigate an accelerating long-term shift towards a lower-carbon economy,” said Anne Valentine Andrews, Global Head of Infrastructure and Real Estate at BlackRock.

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