Despite negative headlines, BlackRock pushes through and invests heavily in the US offshore wind market, indicating continued interest in the US market and potential opportunities. The company is acquiring Eversource Energy stakes in South Fork and Revolution Wind for USD 1.1 billion.
In the offshore wind industry, BlackRock has lately increased their presence, particularly in key markets like South Korea and the USA. BlackRock acquired Global Infrastructure Partners (GIP) in January 2024, inheriting Skyborne Renewables’ substantial portfolio. Barely a month after acquiring GIP, BlackRock is now acquiring all of Eversource Energy’s stakes in the US East Coast projects South Fork and Revolution Wind. These projects are part of Ørsted’s US offshore wind portfolio, which recently faced heavy scrutiny due to losses. Eversource Energy’s decision to sell its stakes in these projects may be influenced by these losses. However, BlackRock, through GIP, is seizing the opportunity to establish a strong presence in the US market, demonstrating continued interest. Regarding their third US project “Sunrise Wind”, Eversource Energy owns 50%, but Ørsted is set to acquire Eversource Energy’s stake in this project. The outcome of the Sunrise Wind transaction depends on the results of the New York 4 solicitation round.
Additionally, BlackRock is expanding its presence beyond the US, as its subsidiary company KREDO has several offshore wind prospects in South Korea. Currently, KREDO is in the process of acquiring an Electricity Business License (EBL) for five offshore wind farm projects in South Korea.
Image Source: Ørsted
