Frankfurt-based ENVIRIA, a commercial and industrial (C&I) decentralised energy solutions provider, has finalised a definitive agreement for an equity investment exceeding $200M (approximately €184.94M) from BlackRock.
The investment is facilitated through BlackRock’s Global Renewable Power IV (GRP IV) fund.
BlackRock’s Climate Infrastructure team, who claim to be pioneers in the field since the late 90s, have invested in over 15 companies and made the first solar PV investment in 2013.
Currently overseeing $11B in client assets, GRP IV is the fourth vintage of their flagship climate infrastructure franchise.
With backing from German asset owners, this marks the second investment for GRP IV, following their January investment in Recurrent Energy.
Melchior Schulze Brock, Founder of ENVIRIA, says, “We are delighted to have found such a strong partner in BlackRock, who so enthusiastically supports our vision of empowering companies to harness the potential of solar.”
“BlackRock brings exactly the resources we need to continue our growth – both financially and in terms of knowledge. Understanding 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’s experience in working with companies in our sector globally, especially in Asia and America, has impressively shown what a successful collaboration can look like.”
Capital utilisation
The collaboration between ENVIRIA and BlackRock targets a key aspect of the energy transition, focusing on decentralised energy through large-scale rooftop solar installations and associated services.
ENVIRIA, backed by Series A investors such as Galileo Green Energy, Redalpine, Alter Equity, and BNP Paribas Développement, has already established a portfolio of 500 C&I solar projects and has ambitious plans for future growth.
The development pipeline includes around 2,000 C&I projects totalling more than 2.3 gigawatts, to realize 1.7 gigawatts by 2029, contributing significantly to Germany’s energy transition objectives.
“Making solar radically easy”
ENVIRIA is challenging traditional ‘grey’ power plants by gradually reducing reliance on fossil fuels and injecting electricity directly into the grid from its robust solar systems.
ENVIRIA’s success in C&I solar development stems from its business model, addressing the entire solar value chain. From installation to maintenance and asset management, the company provides tailored solutions, tackling industry challenges.
The company says, “We strongly believe that going beyond private and civic engagement is imperative to disrupt centralised energy production and for the clean energy transition to be a success.”
“This is why our efforts are geared towards creating value through integration, leveraging a renewable energy ecosystem that champions B2B participants to take their green efforts into their own hands.”