Kepco Ignores BlackRock Pressure and Invests in Coal Anyway

摘要

Korea Electric Power Corp. approved plans to invest in a new coal power plant in Vietnam despite pressure from shareholder BlackRock Inc. to stay away from the controversial project. The utility’s board of directors approved the $200 million investment, which includes a 40% stake in the joint-venture development of the Vung Ang 2 project in central Vietnam from Hong Kong CLP Holdings Ltd., a Kepco spokesman said. BlackRock, the world’s biggest asset manager with a 0.93% stake in Kepco, has been vocal against the South Korean company’s plans, saying that its overseas coal strategy appears to contravene its energy transition commitments and are at odds with decisions by banks and other companies to exit the same projects. It urged Kepco to provide clear strategic rationale for its investment in several coal projects, including Vung Ang 2.