BlackRock’s Climate Infrastructure business, Google to partner on accelerating solar power in Taiwan through New Green Power

BlackRock’s Climate Infrastructure business today announces an innovative partnership with Google in Taiwan.

The partnership includes capital investment from Google into BlackRock’s portfolio company New Green Power (“NGP”). In addition, NGP will offer Google the rights to procure up to 300MW of solar power from NGP’s development pipeline of solar assets in Taiwan, as well as the opportunity to extend clean energy capacity to Google’s suppliers in the region. Today’s technology-driven world highlights the need for enhanced digital infrastructure, underscoring the importance of renewable and efficient energy solutions. This partnership will help Google advance its climate goals while facilitating NGP’s additional solar pipeline build-out.

David Giordano, Global Head of Climate Infrastructure, BlackRock: “As we witness growth in demand for digital services, powered by AI and data-centric technologies, it becomes imperative to invest in the infrastructure that not only supports this growth but also aligns with our strategy to invest in clean energy. 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 energy infrastructure in Taiwan. BlackRock’s Climate Infrastructure business is a leading investor in Taiwan’s solar industry and we are delighted to partner with Google to provide a scalable and sustainable energy solution for their operations in Taiwan.”

Amanda Peterson Corio, Global Head of Data Center Energy, Google, said: “We’re aiming to reach net-zero emissions across our operations and value chain, supported by a goal to run on 24/7 carbon-free energy everywhere we operate. The path to reach these goals is challenging and requires both commercial efforts and broader energy systems change. We’re excited to partner with BlackRock and New Green Power to advance the build-out of clean energy on Taiwan’s electricity grid.”

NGP, which is 100 per cent owned by a fund managed by BlackRock’s Climate Infrastructure business, is a leading solar developer and operator in Taiwan. NGP is developing a large-scale solar pipeline and aims to construct 1GW of new solar capacity in the coming years. Solar is a key technology in Taiwan’s energy transition, with authorities targeting 20GW of solar capacity by 2025 and up to 80GW by 2050 to achieve net zero goals*.

BlackRock’s Infrastructure Equity platform currently manages over US$39 billion in client assets across its Climate and Diversified Infrastructure franchises as of March 31, 2024. The team of over 140 infrastructure specialists offers investors proven global investment sourcing and sophisticated solutions to customise, manage and scale infrastructure exposure across energy sectors and asset classes while capitalising on the US$100+ trillion investment opportunity inherent within the energy transition.  

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

About New Green Power

Since 2009, New Green Power has been a pioneer of the Taiwan solar industry with core expertise in development, design, engineering & construction (EPC), operation & maintenance and asset management. Today, NGP operates one of the largest solar franchises in Taiwan with a team of over 100 professionals that are committed to delivering and maintaining projects for clients which produce clean, safe and sustainable solar energy for local communities.