- Firm signs deal with New Green Power to increase its stake in renewables.
BlackRock Real Assets has announced its agreement with Taiwanese solar developer New Green Power (NGP) to acquire 100 per cent of its renewables asset. NGP currently owns over 1GW of solar power projects in Taiwan.
According to a local news report, the investment will be made through a global private fund that invests in climate infrastructure assets and is managed by BlackRock Real Assets. NGP’s activities cover project development, design and planning, engineering and construction (EPC), operation and maintenance, and asset management.
Charlie Reid, APAC Co-head of Climate Infrastructure for BlackRock, noted: “Taking full ownership of NGP is a key strategic milestone for our Climate Infrastructure business in the region and demonstrates our confidence in NGP and its management team to lead the energy transition in Taiwan.”
The Taiwanese authorities are targeting an installed base of 27GW of renewable power by 2025, BlackRock stated.