BlackRock Real Assets has acquired 100% of Korea Renewable Energy Development & Operation Holdings (Kredo), one of the country's biggest renewables developers. The company was previously known as IGIS Private Equity.
Ealier this year BlackRock's Global Renewable Power Fund III closed at US$4.8 billion, with commitments from over 100 institutional investors.
BlackRock said that it plans to invest up to US$1 billion to develop the company. This is the first acquisition by BlackRock Real Assets in South Korea's offshore wind sector.
Kredo has a 2GW pipeline of offshore wind and other renewables assets, with power purchase agreements likely to be closed with Korea Electric Power Co (Kepco).
The GRP III fund has already made investments in offshore wind in Europe and solar in Asia.
It acquired a stake in the European activities of Windvision, an independent renewable energy supplier headquartered in Belgium. BlackRock will help support Windvision’s portfolio of development, construction and operational assets that will be built out across Belgium, France and Spain.
The pipeline consists of about 1GW of greenfield projects in different development stages, and a 19MW operational project in Gesves-Ohey, Belgium.
GRP III also acquired a majority interest in Taiwanese solar developer New Green Power.