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Stonepeak closes first renewable energy fund at $2.8 billion

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Stonepeak has closed its first renewable energy fund, Stonepeak Global Renewables Fund, at its $2.75 billion hard cap, a news release shows.

The total capital raised by the fund is more than double its original $1.25 billion fundraising target, which it surpassed in early 2021. Stonepeak executives declined to comment on how long the fund was in the market.

The fund has already assembled an $800 million portfolio of investments that include utility-scale solar and commercial and industrial solar, such as solar panels installed on factory and industrial roofs, as well as onshore and offshore wind platforms.

Investors in the fund include the $254.8 billion New York State Common Retirement Fund, Albany; £55 billion ($76 billion) Border to Coast Pensions Partnership, Leeds, England; and £12.6 billion ($17.4 billion) London CIV.