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.