BlackRock Real Assets (BlackRock) has acquired a 100 per cent equity stake in Korea Renewable Energy Development and Operation Holdings Company Limited (KREDO Holdings).
BlackRock plans to invest over $1 billion of equity to build out KREDO Holdings’ portfolio of assets. It is BlackRock’s first venture in South Korea’s offshore wind sector, as part of its latest Global Renewable Power strategy. KREDO Holdings being among South Korea’s largest renewables developers, owns an advanced pipeline of offshore wind and other renewables assets with cumulative generation capacity of more than 2 GW. The projects are expected to be fully contracted under a 20-year agreement.