Berlin-based ENVIRIA, a leading provider of decentralized energy solutions for commercial and industrial (C&I) sectors in Germany, has finalized a definitive agreement for an equity investment exceeding €185 million from BlackRock. The investment, facilitated through BlackRock’s Global Renewable Power IV (GRP IV) fund, aims to bolster the expansion of ENVIRIA’s existing portfolio of 500 C&I solar projects across Germany.
ENVIRIA and BlackRock’s collaboration signifies a strategic move to tap into the growing demand for decentralized energy solutions, particularly rooftop solar and associated services. Germany’s corporate entities consume approximately 70 percent of the country’s total electricity usage, while only 10 percent of eligible company roofs are currently equipped with solar systems. This situation presents a substantial untapped potential of several hundred gigawatts (GW) in renewable energy capacity, especially considering that C&I rooftop sizes are considerably larger on average compared to residential buildings.
Melchior Schulze Brock, Founder and CEO of ENVIRIA, expressed enthusiasm about the partnership with BlackRock, emphasizing the support for their vision of enabling companies to harness solar potential. He highlighted BlackRock’s valuable resources and expertise, citing their ability to assist in realizing the full potential of the C&I sector in Germany.
ENVIRIA, established in 2017, challenges traditional power plants and aims to reduce reliance on fossil fuels by directly feeding electricity into the grid from its robust solar systems. With Series A investors including Galileo Green Energy, Redalpine, Alter Equity, and BNP Paribas Développement, the company has built a portfolio of 500 C&I solar projects. The development pipeline includes approximately 2,000 C&I projects, totaling over 2.3GW, with plans to achieve 1.7GW by 2029.
BlackRock’s Climate Infrastructure team, pioneers in the renewable power space since the late ’90s, manage US$11 billion in client assets. The investment in ENVIRIA aligns with BlackRock’s commitment to infrastructure assets supporting the energy transition. GRP IV, BlackRock’s flagship climate infrastructure fund, secured significant capital from German asset owners, and this investment follows the fund’s participation in Recurrent Energy in January.
Keith Mangan, Head of EMEA for Climate Infrastructure at BlackRock, commended ENVIRIA’s unique value proposition as a full-chain PV provider, highlighting its scalability and innovation. Dirk Schmitz, Country Head of BlackRock in Germany, Austria, and Eastern Europe, expressed excitement about investing in Germany’s shift to a low-carbon economy and utilizing ENVIRIA to deploy clients’ funds locally on their Climate Infrastructure platform.