25 °C Singapore, SG
August 5, 2022
Latest News
Polestar CEO Wants to Build O2 Electric Roadster Joanne Khew shifts from Standard Chartered Bank to ESG role at Eastspring Investments HCM City eyes advanced waste-management technologies Transitions to efficient LED lighting can mitigate the energy crisis New biobattery: using bacterial interactions to generate power European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth Exxon Following Blockbuster Video to Oblivion, Investment Exec Warns Getting real about the hydrogen economy Electrification to decarbonise Singapore’s energy system New method of scoring carbon emissions to power sustainable software GoodFuels and REG collaborate on marine biofuel development SP Group and Banpu NEXT partner on smart city solutions across Asia Pacific North Sea Oil Faces ‘Death Knell’ after Shell Quits Cambo Oilfield Three Studies Predict More Frequent, Devastating Storms as Temperatures Rise China Briefing, 2 December 2021: Quarterly emissions fall; Power shortages’ impact; China-Russia energy cooperation A renewable energy company in Thailand has electric vehicle dreams China Briefing, 18 November 2021: Xi-Biden meeting; Methane emissions; ‘Historic new high’ for coal Asian Youth Demand Real Climate Action

BlackRock Real Assets to back Korean offshore wind farm project

BlackRock Real Assets said Thursday it has closed its first investment in South Korea’s offshore wind sector, in line with the country’s renewable energy transition initiative.

The New York-based asset managing arm dedicated to real estate and infrastructure investment acquired a 100 percent equity stake in renewables developer Korea Renewable Energy Development & Operation Holdings, formerly known as Igis Private Equity. The transaction price was not disclosed.

BlackRock Real Assets said it plans to inject $1 billion of equity over time to build out Kredo Holdings’ pipeline of offshore wind and other renewables assets amounting to over 2 gigawatts in power generation capacity in waters off Imjado in Sinan County, South Jeolla Province and Yeonpyeongdo, Incheon.

“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,” Charlie Reid, managing director of BlackRock Renewable Power, said in a statement.

“This transaction demonstrates how South Korea’s commitment to a net zero future is creating compelling investment opportunities for BlackRock’s clients.”

The projects are expected to be fully contracted under 20-year agreements with subsidiaries of the state-owned Korea Electric Power Corp.

BlackRock Real Assets in April raised $4.8 billion, more than one-third of which is marked for investments in climate infrastructure assets in the Asia-Pacific region.

By Son Ji-hyoung (consnow@heraldcorp.com)

Leave a Reply

Your email address will not be published.