BlackRock Real Assets has acquired Korea Renewable Energy Development & Operation Holdings (KREDO), and plans to invest up to US$1bn (€846m) to develop its capacity.
It is the first BlackRock Real Assets investment in South Korea’s offshore wind sector, part of the deployment of BlackRock’s latest Global Renewable Power strategy which recently raised US$4.8bn.
KREDO, previously known as IGIS Private Equity, is one of South Korea’s largest renewables developers. It owns an advanced pipeline of offshore wind and other renewables assets amounting to over 2GW in power generation capacity.
Charlie Reid, managing director of BlackRock Renewable Power, said: “We believe offshore wind will play a vital role in the nation’s road to decarbonisation, and that KREDO Holdings is ideally placed to partner with us.”
South Korea’s country’s rapid evolution towards renewable energy made it a priority investment market for BlackRock clients, he said.
Jeong-Hoon Doh, CEO and representative director of KREDO Holdings, said the significant investment from BlackRock would contribute to the South Korean government’s net zero commitment by 2050.
BlackRock plans to invest more than US$1bn of equity over time to build out KREDO’s portfolio of assets.
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