BlackRock Real Assets has entered into an agreement that will increase its stake in Taiwanese solar developer New Green Power (NGP) to 100%.
It follows the fund manager's acquisition of a majority stake in NGP, which manages and is developing more than 1GW of solar power projects in Taiwan, 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.
NGP's activities cover project development, design and planning, engineering and construction (EPC), operation and maintenance as well as asset management.
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.”
The Taiwanese authorities are targeting an installed base of 27GW of renewable power by 2025, BlackRock stated.