Ji Hyun Kim
The firm plans to strengthen its presence in APAC with the appointment of Alexander Lenz as regional CEO, building on investment from Daiwa Energy & Infrastructure in 2019.
The deal is the second investment for BlackRock’s Global Renewable Power III following a commitment to Belgian renewable developer Windvision in September.
The acquisition of the 15.3km toll road includes a minimum guarantee cash yield for MIRA’s listed fund for the remaining 27-year concession term.
The UK-based firm will fund the investment through one of its Asia real estate funds.
The portfolio comprises six projects developed by Macquarie’s renewable energy platform Acacia.
Valuations, new GP relationships and the energy transition’s uneven global progress were some of the main issues discussed by attendees last week.
GIG will invest around $11.6bn in the five projects, with the majority of funds coming from Korean institutional investors.
The conglomerate, which bid $843m for EMC Holdings, beat Goldman Sachs and Keppel Infra, with a view to improving sustainability of its own operations.
The public pension fund has grown its infra portfolio by more than 46% in the past five years, amounting to $19.9bn by end of 2019, with more than half invested overseas.
The firm’s decision comes at a time when it has set out ambitious plans for expansion in Asia-Pacific.