Google and BlackRock have announced a new partnership focused on clean energy in Taiwan.
Google will invest in New Green Power (NGP), a solar developer and BlackRock portfolio company, and source renewable energy from NGP’s solar projects to power its regional data centres and facilities.
Taiwan currently generates nearly 85% of its electricity from fossil fuels and aims to achieve 20GW of solar capacity by 2025 and 80 GW by 2050 to meet its net-zero targets.
The partnership
New Green Power designs, develops and manages utility-scale solar projects in Taiwan. Google’s investment will provide development capital for NGP’s 1GW pipeline of new solar projects.
Ross Mackey, Portfolio Manager, Climate Infrastructure, BlackRock, commented: “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.”
The new partnership expects Google to procure up to 300MW of solar energy from NGP’s new project pipeline. It may also offer its semiconductor suppliers and manufacturers clean energy capacity, helping meet its clean energy goals and address Scope 3 supply chain emissions.
Carbon-free ambition
In 2020, Google’s parent company Alphabet announced a 24/7 Carbon-Free Energy (CFE) ambition, aiming to run its entire business on carbon-free energy by 2030.
This means matching electricity demand with CFE supply every hour of every day in every region where the company operates. This new partnership follows Google’s first renewable energy purchase deal in Japan, announced in May.
Amanda Peterson Corio, Global Head of Data Centre Energy at 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.”
David Giordano, Global Head of Climate Infrastructure at BlackRock, added, “As we witness growth in demand for digital services, powered by AI and data-centric technologies, it becomes imperative to invest in infrastructure that supports this growth and 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.”
