Stonepeak has announced the close of its Global Renewables Fund at $2.75bn.

The fund focuses on investing in renewable energy assets in infrastructure assets across the US and North Asia, including solar and onshore and offshore wind platforms. Stonepeak says the fund 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.

Stonepeak Senior Managing Director Hajir Naghdy said, “Renewable energy provides a critical pathway to rapidly decarbonize the global electricity sector and is an increasingly attractive area for investment given continued economic and public policy tailwinds globally. 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.”