BlackRock Climate Infrastructure, Google to Partner to Accelerate Taiwan Solar Development Through New Green Power | Press Releases

BlackRock Climate Infrastructure today announced an innovative partnership with Google in Taiwan.

The partnership includes Google’s equity investment in BlackRock portfolio company New Green Power (“NGP”). Additionally, NGP will offer Google the rights to acquire up to 300 MW of solar power from NGP’s solar asset development pipeline in Taiwan, as well as the ability to expand clean energy generation capacity to Google’s suppliers in the region. Today’s technology-driven world highlights the need for improved digital infrastructure, emphasizing the importance of renewable and efficient energy solutions. This partnership will help Google meet its climate goals while facilitating the construction of an additional NGP solar pipeline.

David Giordano, Global Head of Climate Infrastructure at BlackRock: “As we witness an increase in demand for digital services powered by AI and data-centric technologies, it is imperative that we invest in infrastructure that not only supports this growth but also aligns with our clean energy investment strategy. This partnership is a testament to our shared commitment to driving the transition to a low-carbon economy.”

Ross Mackey, Portfolio Manager, Climate Infrastructure, BlackRock said: “This is a pivotal moment for Taiwan’s energy infrastructure. BlackRock’s climate infrastructure business is a leading investor in Taiwan’s solar industry, and we are pleased to partner with Google to provide a scalable and sustainable energy solution for their operations in Taiwan.”

Amanda Peterson Corio, global director of data center energy at Googlesaid: “Our aim is to achieve net zero emissions across our operations and value chain, supported by the target to operate on zero-emission energy 24/7 wherever we operate. The path to achieving these goals is difficult and requires both commercial efforts and broader changes to energy systems. We look forward to working with BlackRock and New Green Power to accelerate the construction of clean energy in Taiwan’s power grid.”

NGP, which is 100% owned by the BlackRock Climate Infrastructure business, is a leading developer and operator of solar energy in Taiwan. NGP is developing a large-scale power line and intends to build 1 GW of new solar capacity in the coming years. Solar power is a key technology in Taiwan’s energy transition, with authorities aiming for 20 GW of solar capacity by 2025 and 80 GW by 2050 to meet net-zero emissions targets*.

BlackRock’s Infrastructure Equity platform currently has over $39 billion of client assets under management across its Climate and Diversified Infrastructure franchises as of March 31, 2024. Its team of over 140 infrastructure professionals offers investors proven global sourcing and advanced solutions to align, manage and scale infrastructure exposure across energy sectors and asset classes, while capitalizing on the over $100 trillion of investment opportunities inherent in the energy transition.

About BlackRock

BlackRock’s goal is to help more and more people achieve financial well-being. As an investor fiduciary and a leading financial technology provider, we help millions of people build savings that last a lifetime by making investing easier and cheaper.

About the New Green Power

Since 2009, New Green Power has been a pioneer in the Taiwanese solar industry, with core expertise in development, design, engineering and construction (EPC), operations and maintenance, and asset management. NGP currently operates one of the largest solar franchises in Taiwan with a team of over 100 professionals who are dedicated to implementing and maintaining customer projects that produce clean, safe, and sustainable solar energy for local communities.