BlackRock Alternatives and one of its vehicles, Climate Finance Partnership (CFP), have entered into a partnership with CleanTech Global Renewables to build solar assets in the Philippines.

CFP will support CleanTech’s target to develop 1GW of solar capacity in the Philippines by 2026. 

This represents the first Asia-Pacific investment for CFP, a flagship public-private finance vehicle that seeks to accelerate the flow of capital into emerging market climate infrastructure. It is also BlackRock Alternatives’ first renewables venture in the Philippines.

David Giordano, global head of climate infrastructure at BlackRock Alternatives, said: “We look forward to identifying more partners across emerging economies for investment opportunities that deliver attractive risk-adjusted returns while contributing to energy resilience and transition, as well as growth in the local economies.”

Valerie Speth, APAC co-head of climate infrastructure at BlackRock Alternatives, said: “CleanTech is well-positioned for future growth, given its significant track record in developing utility-scale solar projects in the Philippines.”

Salvador Antonio Castro, Jr., president and chief energy officer of CleanTech Global Renewables, said: “CleanTech is committed to supporting the Philippines’ energy transition, preserving the environment and creating positive impact in the lives of Filipinos.”

CFP brings together investment from BlackRock and the government development agencies and banks from France, Germany and Japan. Other investors include US impact organisations to mobilise significant blended capital into climate infrastructure, targeting investment in non-OECD countries across Asia, Latin America and Africa.

The partnership secured US$673m (€609m) in commitments from a global consortium of investors, including governments, philanthropies and institutional investors in an oversubscribed final fundraise.

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