Stonepeak closes inaugural Global Renewables Fund at US$2.75 billion
Category: Transactions Year: 2021
New York (July 14, 2021)
Largest debut renewable infrastructure fund raised to date
Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the final close of Stonepeak Global Renewables Fund ("GRF" or the "Fund"), a US$2.75 billion fund focused on investing in a diversified portfolio of renewable energy assets in developed markets around the world.
Consistent with Stonepeak's overall approach to investing, GRF applies a thematic and relationship-driven approach to deal sourcing, strong operational acumen and stringent focus on downside protection to the fast growing and critically important renewable energy sector. Over the past three years, Stonepeak has established a global team with significant experience in renewable energy investing and strong capability in driving value through the development, construction and operations of critical energy transition infrastructure assets. As of the final close, GRF has already assembled a US$800 million portfolio of investments across the U.S. and North Asia, including utility-scale and Commercial & Industrial (C&I) solar, as well as onshore and offshore wind platforms.
GRF received commitments from a diverse group of more than 40 global investors from 15 different countries, reflecting the growing, broad-based interest in energy transition investment opportunities. With strong support from existing Stonepeak investors as well as new relationships, GRF surpassed its original US$1.25 billion target in early 2021 and closed at its increased US$2.75 billion hard cap several months later. This increase in fund size is representative of the accelerating scale of the opportunity in renewables, as both government policy and private sector corporate strategy become increasingly supportive of energy transition.
Campbell Lutyens acted as global placement agent.