Google invests in BlackRock's new Green Power to boost solar capacity in Taiwan • Carbon Credits

Google has formed a strategic partnership with BlackRock to develop a 1GW solar power pipeline in Taiwan. Under the partnership, Google will make a significant capital investment in New Green Power, a leading Taiwanese solar power developer wholly owned by funds managed by BlackRock's Climate Infrastructure practice. The move aims to boost energy capacity and reduce carbon emissions, especially as demand for AI continues to grow.

Cool ways to save high-temperature energy in data centers

The press release stated that Taiwan is a major hub for Google's cloud technology with data centers and offices. Admittedly, the energy demands of these data centers are extraordinary. However, Taiwan still relies on fossil fuels for around 85% of its electricity generation. Therefore, this agreement commits us to meet the electricity demands of Google's operations in Taiwan. In addition, it also meets the 24/7 carbon-free electricity (CFE) demands in all regions where we operate.

Next, Amanda Peterson Corio, Global Head of Data Center Energy at Google, emphasized:

We aim 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 buildout of clean energy onto Taiwan's power grid.

Source: Google

Under the deal, Google will acquire a stake in New Green Power and buy about 300 megawatts of renewable energy from BlackRock through power purchase agreements (PPAs) and Taiwan Renewable Energy Certificates (T-RECS). Google and BlackRock did not disclose the size of their stake in NGP.

However, Amanda said the investment is expected to facilitate both equity and debt financing for the development of NGP's 1 gigawatt solar power pipeline.

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.”

Mutual benefits from powerful solar power generation capacity

Google plans to extend this clean energy capacity to its semiconductor suppliers and manufacturers. The semiconductor industry is a major emissions hotspot due to energy-intensive chip manufacturing and operations. This agreement directly supports Google's clean energy goals and reduces Scope 3 supply chain emissions. The new solar capacity will directly power Google's data centers and cloud regions in Taiwan, while providing clean energy options to nearby chip suppliers and manufacturers.

Google's Scope 3 emissions in 2023 totaled approximately 10.8 mtCO2e, accounting for 75% of its overall carbon emissions. Some of these emissions were significantly attributable to data center infrastructure upgrades and AI initiatives. Google highlighted that reducing its Scope 3 emissions relies on diverse suppliers in countries with different access to clean energy, posing a greater challenge in the Asia-Pacific region.

Since last year, Google has been continuously investing in its key manufacturing locations to achieve its goal of 5 GW of CFE, and through this energy goal, the tech giant aims to ensure the availability of clean energy across its supply chain.

Headquartered in Taipei, New Green Power (NGP) is a prominent solar power developer and EPC company. It finances, constructs, owns and operates solar power projects in Taiwan and Japan. It has efficiently constructed and managed over 500MW of domestic projects, including Taiwan's largest inland floating project (approximately 35MW) and rooftop project (approximately 15MW), as well as multiple large-scale ground-mounted projects in southern Taiwan. Leveraging its extensive domestic and international experience, NGP is leading the renewable energy transformation in the region.

The investment will boost Taiwan's renewable energy grid and help Google achieve net-zero emissions across its operations and value chain by 2030.

BlackRock's Role in Taiwan's Energy Revolution

BlackRock's Infrastructure Equity platform manages more than $39 billion in client assets across its climate-related and diversified infrastructure franchises as of March 31, 2024. The largest asset manager offers global investment opportunities and customized solutions across the energy sector and asset classes, while capitalizing on the significant investment potential of the energy transition, valued at more than $100 trillion.

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

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

Similarly, Singapore is promoting green data centers to meet the growing energy demands of AI, aiming to provide at least 300 MW of additional capacity through green energy initiatives in the coming years.

The partnership marks an important step towards sustainable energy solutions in the technology industry, ensuring a greener future for data centers and digital services in Taiwan.

Addressing Taiwan's energy challenges

Taiwan leads the world in semiconductor production, producing about 60% of the world's chips and a significant proportion of advanced AI processors, but the country relies heavily on non-renewable energy sources to sustain its industrial production.

About 97% of Taiwan's energy comes from coal and natural gas, making the transition to renewable energy urgently necessary, which is why Taiwan is committed to sustainable digital growth.

To reach its net-zero target, Taiwan aims to increase its solar power capacity to 20GW by 2025 and up to 80GW by 2050.

The future of renewable energy in Taiwan looks bright with solar developers like NGP expanding rapidly and backed by strong partners such as BlackRock and Google. This is undoubtedly a big step towards sustainable energy solutions in data centers, digital services, and the technology industry as a whole.

Sources 1/ https://Google.com/ 2/ https://carboncredits.com/google-invests-in-blackrocks-new-green-power-to-boost-taiwans-solar-capacity/ The mention sources can contact us to remove/changing this article

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