Google partners with BlackRock to escalate solar energy production in Taiwan
In a significant move towards a low-carbon economy, BlackRock's Climate Infrastructure business has announced a strategic partnership with Google. This partnership aims to accelerate solar power development in Taiwan through BlackRock's portfolio company, New Green Power (NGP).
NGP, a solar developer and operator, is wholly owned by BlackRock's Climate Infrastructure business. As a result, the partnership with Google supports NGP's expansion of its solar energy projects. Google has secured rights to procure up to 300MW of solar power from NGP's development pipeline in Taiwan.
The management of BlackRock's Infrastructure Equity platform is across its Climate and Diversified Infrastructure franchises. With over 140 infrastructure specialists on board, the team is well-equipped to manage this partnership and support NGP's ambitious plans.
Google, which has a net zero by 2030 target, has seen increased power demands due to the adoption of artificial intelligence. This has led to a surge in emissions by nearly 50% over the past five years. The partnership with BlackRock provides an opportunity for Google to extend clean energy capacity to its suppliers in the region.
According to a net zero roadmap released by Taiwan's National Democratic Council in 2022, solar energy plays a crucial role in Taiwan's energy transition. The government aims to achieve 20GW of solar capacity by 2025 and up to 80GW by 2050 to reach net-zero goals.
Dominant solar energy companies in Taiwan, such as Thunder Power Holdings, are expanding through acquisitions of solar power plants and EPC providers. Their growth plans are notable despite financial challenges. The partnership between BlackRock and Google could enhance the market by providing increased investment and technological integration, potentially accelerating solar energy adoption and infrastructure development in Taiwan.
Ross Mackey, portfolio manager of Climate Infrastructure at BlackRock, highlighted the importance of the collaboration for Taiwan's energy landscape. NGP, on the other hand, aims to construct 1GW of new solar capacity in the coming years.
David Giordano, global head of Climate Infrastructure at BlackRock, commented that the partnership is a testament to their shared commitment to driving the transition to a low-carbon economy. As of 31 March 2024, BlackRock's Infrastructure Equity platform manages over $39bn in client assets.
This partnership could mark a significant step forward in Taiwan's renewable energy sector, contributing to its goal of a sustainable and low-carbon future.
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