Google and BlackRock team up to develop solar power in Taiwan

Google and BlackRock today announced a new clean energy-focused partnership in Taiwan, where Google will invest in solar developer and BlackRock portfolio company New Green Power (NGP) to source renewable energy from the company's solar pipeline to power data centers and facilities in the region.

Taiwan currently generates about 85 percent of its electricity from fossil fuels, according to the Ministry of Economic Affairs, and aims to have 20GW of solar power capacity by 2025 and 80GW by 2050 to meet its net-zero target.

Founded in 2009, New Green Power designs, develops and manages large-scale solar power projects in Taiwan. The new investment from Google will provide development capital for NGP's 1GW pipeline of new solar power projects, the companies said.

Ross McKee, portfolio manager for climate infrastructure at BlackRock, said:

“This is a pivotal moment for Taiwan's energy infrastructure. BlackRocks' Climate Infrastructure practice is a leading investor in Taiwan's solar industry and is pleased to partner with Google to provide scalable, sustainable energy solutions for their operations in Taiwan.”

Google said under the new partnership, it plans to procure up to 300MW of solar power from NGP's new project pipeline, potentially providing NGP's clean energy capacity to its semiconductor suppliers and manufacturers to help meet the company's own clean energy goals and reduce its Scope 3 supply chain emissions.

Google's parent company Alphabet announced its 24/7 CFE ambitions in 2020, aiming to run its entire business on carbon-free energy by 2030. Operating on 24/7 CFE means matching electricity demand with CFE supply every hour of every day in all regions where the company operates. This new partnership comes after Google announced Japan's first renewable energy purchase agreement in May.

“We're excited to partner with Google to bring these technologies to the market,” said Amanda Peterson Corio, global head of data center energy at Google.

We strive to achieve net-zero emissions across our operations and value chain, with a goal to run on carbon-free energy 24/7 wherever we operate. The path to achieving these goals is challenging and requires both commercial commitments and broader energy system changes. We are excited to partner with BlackRock and New Green Power to advance the building of clean energy into Taiwan's power grid.

NGP is 100% owned by funds managed by BlackRock's Climate Infrastructure business. BlackRock acquired a majority stake in the company in October 2020 and subsequently increased its stake to 100% in August 2022. Earlier this year, BlackRock Chairman and CEO Larry Fink said in his annual letter to investors that the firm sees the global transition to low-carbon energy sources as one of the most powerful drivers of capital markets opportunities and risks, describing the energy transition as an immense force.

David Giordano, global head of climate infrastructure at BlackRock, said:

“As demand for digital services powered by AI and data-centric technologies grows, it is essential that we invest in infrastructure that not only supports this growth but also aligns with our clean energy investment strategies. This partnership is a testament to our shared commitment to driving the transition to a low-carbon economy.”

Sources 1/ https://Google.com/ 2/ https://www.esgtoday.com/google-blackrock-partner-on-solar-energy-development-in-taiwan/ The mention sources can contact us to remove/changing this article

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