BlackRock Increases Stake in Taiwan’s New Green Power

BlackRock Real Assets has entered into an agreement that will increase its stake in New Green Power (NGP), a leading Taiwanese solar developer and operator. This means BlackRock Real Assets will eventually hold 100% equity interest in the company, having acquired a majority stake in October 2020.

The investment will be made through a private fund that invests in climate infrastructure assets globally and is managed by BlackRock Real Assets.

Charlie Reid, APAC Co-head of Climate Infrastructure for BlackRock, said: “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.”

NGP is currently managing and developing more than 1GW of solar energy assets in Taiwan. Over the last 10 years, it has earned a reputation as a full-serviced solar company, covering project development, design & planning, engineering & construction (EPC), operation & maintenance and asset management.

The Taiwanese authorities are targeting an installed base of 27GW of renewable power by 2025.