Global investment manager BlackRock is keen to explore opportunities in South Korea’s solar, battery storage and onshore wind assets in the coming two years.
“We see South Korea as an attractive market,” Charlie Reid, Asia-Pacific head for BlackRock’s Renewable Power Group, told Inframation. Taiwan and Japan are top Asian destinations for capital deployment as well, he added.
Reid’s remarks came after the New York-based asset manager this month announced the USD 1bn first close of its third global renewables power fund: Global Renewable Power Fund III. The 12-year investment vehicle has a target size of USD 2.6bn and is aiming for a net IRR of 9-11% with a focus on renewable energy generation, storage and distribution.
Reid (pictured) is responsible for leading investment and portfolio management activities across the region, as well as sourcing, executing and managing renewable infrastructure assets. South Korea’s renewable market has a total capacity of 11 GW so far, which the government aims to raise to 60 GW by 2030.