A subsidiary of BlackRock, the world’s largest asset manager, has failed to persuade South Korea authorities to approve a planned offshore wind project due, among other things, to a reported documentary failure in the provision of financial guarantees, according to media reports in Seoul.
The project, estimated to cost around 10trn won ($7.5bn), outlined plans to build five wind farms off the coast of Sinan, South Jeolla province, amounting to 2GW of capacity.
