BlackRock’s Climate Infrastructure business has announced a strategic partnership with Google to accelerate solar power development in Taiwan through its portfolio company New Green Power (NGP).
As part of the deal, Google has secured rights to procure up to 300MW of solar power from NGP’s development pipeline in Taiwan.
The tech giant has put a bold net zero by 2030 target in place but revealed earlier this week that increased power demands due to the adoption of artificial intelligence have led to a surge in emissions by nearly 50% over the past five years, putting its net zero target in jeopardy.
The deal with BlackRock aims to support Google’s climate goals whilst enabling NGP to expand its solar energy projects. Additionally, the partnership provides an opportunity for Google to extend clean energy capacity to its suppliers in the region.
David Giordano, global head of Climate Infrastructure at BlackRock, commented: “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 of Climate Infrastructure at BlackRock, highlighted the importance of this collaboration for Taiwan’s energy landscape: “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.”
Taiwanese solar developer and operator NGP is wholly owned by BlackRock’s Climate Infrastructure business. The company is currently working on the development of a large-scale solar pipeline and aims to construct 1GW of new solar capacity in the coming years.
Solar energy plays a crucial role in Taiwan’s energy transition, with the government targeting 20GW of solar capacity by 2025 and up to 80GW by 2050 to achieve net-zero goals, according to a net zero roadmap released by Taiwan’s National Democratic Council in 2022.
As of 31 March 2024, BlackRock’s Infrastructure Equity platform manages over $39bn in client assets across its Climate and Diversified Infrastructure franchises across a team of over 140 infrastructure specialists.
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