By Yousef Saba
DUBAI (Reuters) -BlackRock has agreed to invest up to $400 million in Dubai-based decarbonisation company Positive Zero through a diversified infrastructure fund, Positive Zero said in a statement on Monday.
The investment will help Positive Zero, a decentralised decarbonisation infrastructure business, with its goal of boosting energy transition projects in Gulf countries, it said.
The firm was set up by climate investment-focused Creek Capital late last year to coincide with the U.N. COP27 climate summit in Egypt, by merging solar company SirajPower, energy efficiency services firm Taka Solutions and on-demand battery business HYPR Energy.
Creek Capital was co-founded by Mohammed Abdulghaffar Hussain, its chairman, and David Auriau, its managing director, according to its website. Hussain is also managing director of Dubai-based family conglomerate Green Coast Enterprises. Auriau was previously at Alstom (EPA:ALSO) Power and consultancy Oliver Wyman.
Ed Winter, BlackRock (NYSE:BLK)'s head of APAC and Middle East for diversified infrastructure, said Positive Zero was well-positioned to capitalise on tailwinds driven by ambitious economic growth and energy-transition objectives set out by the United Arab Emirates and other Gulf countries.
Winter's comments were made in the statement issued by Positive Zero.
The investment is meant to help with the goal of the UAE-hosted COP28 summit, which ended last week, to triple renewable energy capacity by 2030, Hussain said in the statement.
BlackRock had no further comment beyond Positive Zero's release.