Google teams up with BlackRock to invest in Taiwan solar power pipeline

Google has partnered with BlackRock's Climate Infrastructure practice to help develop a pipeline of 1 gigawatt (GW) of new solar power capacity in Taiwan.

As part of the partnership, Google said in a statement that it will make a capital investment in Taiwanese solar developer New Green Power (NGP), a BlackRock portfolio company, to help build out a large-scale solar power pipeline.

Google said its investment in NGP, pending regulatory approval, will serve as development capital for its 1 GW pipeline of new solar projects and facilitate the equity and debt financing essential for these projects. The company plans to procure up to 300 megawatts (MW) of solar power from the pipeline through power purchase agreements (PPAs) and associated energy attribute certificates (Taiwan Renewable Energy Certificates, T-RECs) to meet power demand from its data center campuses, cloud regions and office operations in Taiwan.

The move will help the tech giant reach its goal of achieving net-zero emissions across all its operations and value chain by 2030, as well as another goal of running on carbon-free energy 24/7/365 in all the electricity grids in which it operates.

Google noted that Taiwan gets about 85% of its electricity from imported coal and natural gas, while many Asia-Pacific countries face challenges including land constraints, a lack of commercially scalable wind and solar resources, and high construction costs. To reach its goal, the company said its plan also includes plans to “create new clean energy opportunities in regions with power grids that are in the early stages of decarbonization and have a shortage of carbon-free energy.”

Google said it will provide some of this clean energy capacity to semiconductor suppliers and manufacturers in the region, helping them advance their own sustainability goals while also helping reduce Scope 3 emissions, or indirect emissions from their value chain.

According to Google, the partnership with BlackRock builds on more than five years of collaboration to accelerate the clean energy transition through market and policy developments in the Asia-Pacific region. The company claims that its advocacy and engagement efforts were a key driver of Taiwan's Electricity Act amendments in 2017. The amendments opened up a market for non-utility companies to directly purchase renewable energy, and the company became the first corporate buyer to enter into a PPA in the market. Since then, Taiwan has achieved significant cumulative contracted capacity through corporate PPAs, becoming one of the leading corporate PPA markets in the Asia-Pacific region, according to the statement.

“Clean energy investments are essential as demand for digital services powered by AI and data-driven technologies grows,” said David Giordano, global head of climate infrastructure at BlackRock. “This partnership demonstrates Google and BlackRock's shared commitment to driving the transition to a low-carbon economy.”

In the area of ​​emissions monitoring, Google partnered with the Environmental Defense Fund (EDF) in February to develop MethaneSAT, a satellite that can map, measure, and track methane on a global scale.

MethaneSat has the capability to monitor both high-emission methane sources and small-scale sources spread over a wide area. MethaneSat is designed to measure areas at intervals of less than seven days and regularly monitors approximately 50 major regions that account for more than 80 percent of the world's oil and gas production, according to a previous news release.

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