| BlackRock's corporate sign at its building in New York in this 2018 file photo. Reuters-Yonhap |
BlackRock Real Assets, an affiliate of the world's largest asset manager, said Thursday it has acquired a 100-percent stake in IGIS Private Equity, which has been rebranded as the Korea Renewable Energy Development & Operation (KREDO) Holdings.
This is BlackRock Real Assets' first investment in Korea's offshore wind sector through its latest Global Renewable Power strategy that raised $4.8 billion earlier this year. More than a third of the money has been injected into climate-related infrastructure in the Asia Pacific, according to the company.
BlackRock Real Assets plans to invest more than $1 billion in KREDO Holdings to help Korea reduce CO2 emissions by 7 million tons and contribute to the government's net-zero initiative.
“We are delighted to make a material commitment to the energy transition in South Korea,” BlackRock Renewable Power managing director Charlie Reid said. “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.”
KREDO Holdings CEO Doh Jeong-hoon said: “We believe that BlackRock Real Asset's investment combined with KREDO Holdings' capability will contribute meaningfully to this effort.”
BlackRock Korea head Choi Man-yeon also said his company is pleased to demonstrate its local investment capabilities in renewable power via this transaction, while supporting Korea's commitment to carbon neutrality by 2050.