By Christian Moess Laursen


BlackRock said it plans to support Naturgy's energy-transition projects following the New York-based investment company's indirect acquisition of an 20.6% stake in the Spanish energy utility.

In a statement to the Spanish financial regulator late Monday, BlackRock said it will support Naturgy's investments in projects linked to the energy transition in Spain.

Additionally, under the terms, BlackRock isn't allowed to propose or promote divestments that could cause Naturgy to lose control of subsidiaries essential for reliable transmission and distribution of electricity and natural gas in Spain, the release said.

Naturgy didn't immediately respond on a request for comment by Dow Jones Newswires.

The indirect stake in Naturgy was acquired through BlackRock's $12.5 billion deal to buy Global Infrastructure Partners, or GIP, in a major bet on infrastructure.

The deal, which was approved by the Spanish government in Sept., completed on Oct. 1. It was first agreed upon in January.

With the acquisition, BlackRock intends to create an infrastructure investing platform with combined client assets under management of more than $150 billion.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

11-05-24 0306ET