BlackRock has committed to investing up to $400 million in Positive Zero, a decarbonization company based in Dubai, as reported by Reuters citing a statement from Positive Zero on Monday. The investment aims to support Positive Zero’s efforts in advancing energy transition projects across Gulf countries.
Established by Creek Capital, a climate investment-focused firm, Positive Zero emerged last year during the UN COP27 climate summit in Egypt. It was formed by merging three entities: solar company SirajPower, energy efficiency services provider Taka Solutions, and on-demand battery business HYPR Energy.
Creek Capital, co-founded by Mohammed Abdulghaffar Hussain and David Auriau, is associated with Dubai-based family conglomerate Green Coast Enterprises. Auriau previously worked at Alstom Power and consultancy Oliver Wyman.
According to Ed Winter, BlackRock’s head of Asia-Pacific and Middle East for diversified infrastructure, Positive Zero is well-positioned to benefit from the favorable conditions driven by ambitious economic growth and energy-transition goals set by the UAE and other Gulf nations. These remarks were included in the statement issued by Positive Zero.
The investment aligns with the UAE’s objectives highlighted during the recently concluded COP28 summit, aiming to triple renewable energy capacity by 2030, as mentioned by Hussain in the statement.
BlackRock declined to provide further comment beyond the release issued by Positive Zero.
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