BlackRock Real Assets makes maiden Korean offshore wind investment
Wind turbine. Photo: Pixabay
July 16, 2021
BlackRock Real Assets, the realty investment arm of global asset manager BlackRock, has acquired a 100% stake in Korea Renewable Energy Development & Operation Holdings Co Ltd (KREDO Holdings), previously known as IGIS Private Equity.
The firm plans to spend more than $1 billion of equity over time to build out KREDO Holdings’ portfolio of assets, it said in a statement. The financial terms of the deal were not disclosed.
The acquisition is BlackRock Real Assets’s maiden investment in South Korea’s offshore wind sector. It was made through the firm’s third vintage of its Global Renewable Power fund series, which raised $4.8 billion earlier this year from over 100 institutional investors. More than a third of the fund has been deployed to climate-related infrastructure in the Asia Pacific, the company said.