Google and BlackRock announced today a new clean energy-focused partnership in Taiwan, with Google investing into solar developer and BlackRock portfolio company New Green Power (NGP), and sourcing renewable energy from its solar pipeline to power its data centers and facilities in the region.

According to the Taiwan Ministry of Economic Affairs, Taiwan, which currently generates nearly 85% of its electricity using fossil fuels, is targeting 20 GW of solar capacity by 2025, and 80 GW by 2050, in order to achieve its net zero goals.

Founded in 2009, New Green Power designs, develops and manages utility-scale solar projects in Taiwan. According to the companies, the new investment from Google will serve as development capital towards NGP’s 1 GW pipeline of new solar projects.

Ross Mackey, Portfolio Manager, Climate Infrastructure, BlackRock said:

“This is a pivotal moment for energy infrastructure in Taiwan. BlackRock’s Climate Infrastructure business is a leading investor in Taiwan’s solar industry and we are delighted to partner with Google to provide a scalable and sustainable energy solution for their operations in Taiwan.”

Under the new partnership, Google said that it expects to procure up to 300 MW of solar energy from NGP’s new project pipeline, and that it may also offer clean energy capacity from NGP to its semiconductor suppliers and manufacturers, helping the company meet its own clean energy goals, and help address Scope 3 supply chain emissions.

Google parent Alphabet announced a 24/7 CFE ambition in 2020, aiming to run its entire business on carbon-free energy by 2030. Operating on 24/7 CFE means matching electricity demand with CFE supply every hour of every day, in every region where the company operates. The new partnership follows the announcement by Google in May of its first renewable energy purchase deal in Japan.

Amanda Peterson Corio, Global Head of Data Center Energy, Google, said:

“We’re aiming to reach net-zero emissions across our operations and value chain, supported by a goal to run on 24/7 carbon-free energy everywhere we operate. The path to reach these goals is challenging, and requires both commercial efforts and broader energy systems change. We’re excited to partner with BlackRock and New Green Power to advance the build out of clean energy on Taiwan’s electricity grid.”

NGP is 100% owned by a fund managed by BlackRock’s Climate Infrastructure business. BlackRock initially acquired a majority stake in the company in October 2020, and subsequently increased its stake to 100% in August 2022. Earlier this year in his annual letter to investors, BlackRock Chairman and CEO Larry Fink said that the firm views the global transition to low carbon energy sources as one of the most powerful drivers of capital market opportunity and risk, and described the energy transition as a “mega force.”

David Giordano, Global Head of Climate Infrastructure, BlackRock, said:

“As we witness growth in demand for digital services, powered by AI and data-centric technologies, it becomes imperative to invest in the infrastructure that not only supports this growth but also aligns with our strategy to invest in clean energy. This partnership is a testament to our shared commitment to driving the transition to a low-carbon economy.”