,Korea

BlackRock Real Assets acquires offshore wind developer in Korea

This is the company’s first venture into Korea's offshore wind market.

BlackRock Real Assets, the realty investment arm of the private equity group, BlackRock, has acquired a 100% equity stake in Korea Renewable Energy Development & Operation Holdings Co Ltd (KREDO Holdings), which is previously known as IGIS Private Equity.

This is the first BlackRock Real Assets investment in South Korea’s offshore wind sector, as part of the deployment of its latest Global Renewable Power strategy.

KREDO Holdings is one of South Korea’s largest renewables developers and owns an advanced pipeline of offshore wind and other renewables assets amounting to over 2 gigawatts in power generation capacity. The projects are expected to be fully contracted under 20-year agreements with subsidiaries of the state-owned Korean Electric Power Corporation.

BlackRock said it plans to invest more than $1b of equity over time to build out KREDO Holdings’ portfolio of assets.

“We are delighted to make a material commitment to the energy transition in South Korea. We believe that offshore wind will play a vital role in the nation’s road to decarbonization and that KREDO Holdings is ideally placed to partner with us. This transaction demonstrates how South Korea’s commitment to a net-zero future is creating compelling investment opportunities for BlackRock’s clients,” Charlie Reid, Managing Director of BlackRock Renewable Power said.

BlackRock’s latest Global Renewable Power strategy seeks to invest across the spectrum of climate infrastructure assets, with an emphasis on renewable power generation, energy storage, and electric vehicle infrastructure throughout the Americas, Europe, and the Asia Pacific.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

An average of RMB5t a year is needed to decarbonise its economy.
It is expected to be higher than the overall level in Southeast Asia in 2030.
The only green parameter for credit rating is the RPO which carries “the least weight,” IEEFA says.
This will take effect on 11 November 2021.
Hai Long 2 and Hai Long 3 substations have a total capacity of over one gigawatt.
The MOU is effective for two years but it can be extended by the parties. 
Some 3 Mt of Australian thermal coal are awaiting clearance at Chinese ports.
This is whilst also ensuring the country’s resilience from climate risks. 
Producers are only meeting 60% to 65% of annual demand.
Financing needs to be scaled to drive India's rooftop solar potential, IEEFA argues.
This comes as the gov't issued the new draft of the Sixth Strategic Energy Plan.
Vietnam should craft incentives to carry out cost-competitive renewables, argues IEEFA.
It will likely grow, but not as rapidly as solar power.
This move is in line with China's carbon neutrality target before 2060.
Implementation challenges could lead to a loss of credibility for the bank.