Google buys stake in BlackRock-owned Taiwanese solar power company

In regions such as Asia-Pacific, decarbonization may be more difficult due to less developed infrastructure and more regulations. [File]
| Photo credit: REUTERS

Google said it has acquired a stake in Taiwan's New Green Power and will potentially buy up to 300 megawatts of renewable energy from the company, which is owned by BlackRock funds, to help reduce its own and its suppliers' carbon emissions.

Companies are under pressure from investors to reduce greenhouse gas emissions associated with their operations and value chains, and big technology companies are among the most ambitious targets.

Google aims to always run on carbon-free energy wherever it operates, but emissions are soaring as the industry grows demand for the data-processing power that powers artificial intelligence.

Amanda Peterson Corio, Google's global head of data center energy, told Reuters that Taiwan is a major hub for Google's cloud technologies, with data centers and offices, but still relies on fossil fuels for about 85 percent of its electricity.

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“The aim of this investment is to support the construction of a large solar power pipeline in Taiwan,” Corio added.

In regions such as Asia-Pacific, decarbonization may be more difficult due to underdeveloped infrastructure and regulations that limit the ability of business users to purchase green power.

Nu Green Power, owned by a fund managed by BlackRock's climate infrastructure unit, is one of Taiwan's leading solar power developers and operators, David Giordano, BlackRock's global head of climate infrastructure, told Reuters.

Both Google and BlackRock declined to disclose the size of their stake in NGP, but Corio said the investment is expected to facilitate equity and debt financing for the construction of the 1 gigawatt (GW) pipeline.

According to BlackRock, Taiwan aims to have 20GW of solar power capacity by 2025 and up to 80GW by 2050.

Corio said Google will not only use some of the solar power it purchases for its own operations, but also be able to provide it to suppliers and manufacturers in the region.

Sharing with suppliers would enable Google to reduce so-called “Scope 3” emissions associated with its value chain, she added.

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