German commercial and industrial (C&I) solar company Enviria has secured a $200m (鈧�184.6m) investment from a fund managed by BlackRock鈥檚 climate infrastructure business to help it expand across its home country.
BlackRock, through its Global Renewable Power IV (GRP IV) fund, is providing the additional capital to support the expansion of Enviria鈥檚 existing 500 C&I solar projects.
Enviria鈥檚 development pipeline includes around 2,000 C&I projects totalling more than 2.3GW, with a plan to realise 1.7GW by 2029.
GRP IV鈥檚 investment adds to previous investments Enviria received at its initial funding round from backers including Galileo Green Energy, Redalpine, Alter Equity, and BNP Paribas D茅veloppement. The investment is GRP IV鈥檚 second, following the fund鈥檚 $500m investment in Recurrent Energy in January.
Keith Mangan, the head of EMEA for climate infrastructure at BlackRock, said: 鈥淥ur investment in Enviria adds to our strong track record of staying ahead of the curve in investing into infrastructure assets that are aligned with the energy transition, an investment theme that continues to show its growth and scalability.
鈥淓nviria鈥檚 unique value proposition as a full-chain PV provider is a stellar example of the deployment of scalable innovation in this sector, making this an attractive exposure for our clients.鈥�
Dirk Schmitz, country head of BlackRock in Germany, Austria, and Eastern Europe, said: 鈥淕ermany鈥檚 shift to a low-carbon economy requires significant investment in renewable power infrastructure. We are pleased to provide our clients access to this investment in a promising macro-economic environment for climate infrastructure in Germany.
鈥淲ith a strong German investor presence on our climate infrastructure platform, I am excited that we will be able to put our clients鈥� money to work through Enviria locally.鈥�
Melchior Schulze Brock, founder and CEO of Enviria, said: 鈥淏lackRock brings exactly the resources we need to continue our growth 鈥� both financially and in terms of knowledge.
鈥漊nderstanding the complex, capital intense nature of our business, BlackRock is able to support us in realising the full potential of the C&I sector across Germany. BlackRock鈥檚 experience in working with companies in our sector globally, especially in Asia and America, has impressively shown what a successful collaboration can look like.鈥�
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