BlackRock Commits Up to $400 Million Investment in Dubai-Based Decarbonization Company, Positive Zero
BlackRock Commits Up to $400 Million Investment in Dubai-Based Decarbonization Company, Positive Zero
In a statement on Monday, Positive Zero, a Dubai-based decarbonization company, announced that BlackRock has agreed to invest up to $400 million through a diversified infrastructure fund. This investment aims to support Positive Zero, a decentralized decarbonization infrastructure business, in advancing energy transition projects in Gulf countries.
Established by climate investment-focused Creek Capital in conjunction with the U.N. COP27 climate summit in Egypt last year, 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 (Chairman) and David Auriau (Managing Director), focuses on climate investment. Hussain is also the Managing Director of Dubai-based family conglomerate Green Coast Enterprises, while Auriau brings expertise from his previous roles at Alstom Power and consultancy Oliver Wyman.
Ed Winter, BlackRock’s Head of APAC and Middle East for diversified infrastructure, emphasized Positive Zero’s strategic positioning to leverage economic growth and energy transition objectives set by the United Arab Emirates and other Gulf countries. These comments were conveyed through the statement issued by Positive Zero.
The investment aligns with the UAE-hosted COP28 summit’s goal, which concluded last week, aiming to triple renewable energy capacity by 2030, as highlighted by Hussain in the statement. BlackRock provided no additional comments beyond Positive Zero’s release.
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