Google invests in BlackRock's Taiwanese solar developer NGP

Alphabet Inc’s (NASDAQ:GOOGL) Google LLC will invest in a green energy portfolio company of BlackRock Inc (NYSE:BLK) and secure the right to procure solar power from up to 300 MW of its assets in Taiwan.

The capital investment in New Green Power (NGP) was announced by the US investment giant’s Climate Infrastructure business on Monday. Financial details about the transaction were not disclosed.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

NGP is a Taiwan-based solar developer and operator that aims to deploy 1 GW of solar photovoltaic (PV) capacity in the next few years. A private climate infrastructure fund managed by BlackRock Real Assets became its sole owner in the summer of 2022.

Google’s investment in NGP will facilitate the roll-out of solar capacity and help the tech giant to further advance its climate goals. As part of the arrangement, Google will be able to enter power off-take deals to receive green electricity from NGP’s development pipeline of Taiwanese solar projects and thus extend clean energy capacity to its suppliers in the region.

"This partnership is a testament to our shared commitment to driving the transition to a low-carbon economy,” said David Giordano, global head of Climate Infrastructure at BlackRock.