Stonepeak’s first global renewables fund closes at $2.75bn hard cap

Stonepeak announced on Wednesday the final close of Stonepeak Global Renewables Fund (GRF) at its $2.75 billion hard cap, more than doubling its original $1.25 billion target.

Stonepeak spent the past three years establishing a global team with experience in renewable energy investment to generate value by developing, building and operating critical energy transition infrastructure assets. GRF aims to double down on the renewable energy sector with a thematic, relationship-driven approach to deal-sourcing and a laser focus on downside protection.

GRF has already amassed an $800 million portfolio of investments across the U.S. and North Asia, ranging from utility-scale and commercial and industrial solar to onshore and offshore wind platforms and more. The fund received commitments from more than 40 global investors from 15 different countries, including existing Stonepeak investors as well as new relationships.

Stonepeak sees the strong support as a sign of growing interest in the investment opportunities provided by energy transition ventures.

“We launched GRF to both align with and help accelerate the powerful trends underpinning the ongoing transformation of the global energy sector, which are creating a strong pipeline of differentiated and exciting opportunities that we are well positioned to capitalize on for our investors,” said Stonepeak Senior Managing Director Hajir Naghdy.