Google invests in BlackRock solar company to help reach net-zero goal

Listen to the article 3 minutes This audio is automatically generated. If you have feedback, please let us know. Dive Brief: Google is partnering with BlackRock's climate infrastructure practice to make an equity investment in one of its Taiwan-based portfolio companies, Nu Green Power, BlackRock announced on Monday. In exchange for the investment, exact terms of which were not disclosed, Google will get the rights to source up to 300 megawatts of solar power from Nu Green Power's solar assets in Taiwan. Nu Green Power will also give Google's suppliers in the region the ability to expand their solar capacity, supporting the company's goal of achieving net-zero emissions across its supply chain by 2030. Google's net-zero ambition hinges on its goal to run all of its operations on carbon-free energy, a goal that will be difficult to achieve and will require commercial efforts and changes to the broader energy system, Amanda Peterson Corio, Google's head of data center energy, said in an emailed press release. Dive Insights:

For BlackRock, its climate infrastructure portfolio companies will help boost solar capacity in Taiwan, allowing the company to increase investment in the region.

BlackRock's climate infrastructure unit owns 100% of Nu Green Power through one of its funds and plans to acquire it outright in 2022 after an initial investment in 2020. Through the solar power company, which has a 1 gigawatt capacity development pipeline, BlackRock is seeking to enter Taiwan's energy transition, as the country targets 20GW of solar capacity by 2025 and 80GW by 2050.

David Giordano, BlackRock's global head of climate infrastructure, said in a statement that the deal demonstrates Google and BlackRock's shared commitment to driving the transition to a low-carbon economy.

As demand for digital services powered by AI and other data-centric technologies grows, investment in infrastructure is essential not only to support this growth but also to align with clean energy investment strategies, Giordano said.

Ross McKee, climate infrastructure portfolio manager at BlackRocks, said the partnership gives Google a solution that can scale to the tech company's Taiwan-based operations.

Taiwan is Google's largest hardware manufacturing site outside the United States, and the company opened a second building on the campus in April that focuses on artificial intelligence and the semiconductors that enable everything from smartphones to cars to 6G wireless communications.

BlackRock has made infrastructure a key part of its business this year, acquiring Global Infrastructure Partners in January for $12.5 billion. At the time, CEO Larry Fink cited the growing global push toward decarbonization and energy security as a driver for the acquisition.

But the Federal Energy Regulatory Commission wrote the companies in June saying the proposed merger was flawed in seven ways, and the companies must address the commission's concerns before moving forward with the deal, including whether it complies with federal power laws.

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