News

BlackRock plans to allocate as much as $400 million into Dubai-based decarbonization company Positive Zero.

Positive Zero, a Dubai-based decarbonization company, announced on Monday that BlackRock has committed to investing up to $400 million in the firm through a diversified infrastructure fund, as reported by Reuters.

The investment aims to support Positive Zero’s mission of advancing energy transition projects in Gulf countries, leveraging its decentralized decarbonization infrastructure business.

Founded by climate investment-focused Creek Capital in late 2023, coinciding with the UN COP27 climate summit in Egypt, Positive Zero resulted from the merger of solar company SirajPower, energy efficiency services firm Taka Solutions, and on-demand battery business HYPR Energy.

Creek Capital, co-founded by Mohammed Abdulghaffar Hussain, who serves as chairman, and David Auriau, the managing director, has strong ties to Dubai-based family conglomerate Green Coast Enterprises. Auriau brings experience from Alstom Power and consultancy Oliver Wyman.

Ed Winter, BlackRock’s head of Asia-Pacific and Middle East for diversified infrastructure, expressed confidence in Positive Zero’s potential to capitalize on favorable conditions driven by ambitious economic growth and energy transition goals outlined by the UAE and other Gulf nations. Winter’s remarks were included in Positive Zero’s statement.

The investment aligns with the objectives of the UAE-hosted COP28 summit, which concluded recently, aiming to triple renewable energy capacity by 2030, as stated by Hussain in the announcement.

BlackRock declined to provide further comment beyond Positive Zero’s press release.

Leave a comment

Your email address will not be published. Required fields are marked *