BlackRock Real Assets acquires portfolio of 14 solar power projects in Taiwan

Photovoltaic panels stand at a solar power station operated by Huanghe Hydropower Development Co., a unit of State Power Investment Corp., at the Golmud Solar Park on the outskirts of Golmud, Qinghai province, China, on Tuesday, July 24, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April. Photographer: Qilai Shen/Bloomberg

BlackRock Real Assets has entered into an agreement to acquire a 115 MW solar portfolio comprising 14 projects in Taiwan from Taipei-based New Green Power (NGP) and J&V Energy Technology (J&V Energy).

The financial terms of the deal were not disclosed. The deal marks the fund’s second renewables investment in Taiwan after acquiring a solar portfolio from J&V Energy in August last year.

“We are delighted to continue our partnership with NGP and J&V Energy. This acquisition reinforces our commitment to investing in Taiwan, a growth market where local authorities are targeting an installed base of 27GW of renewable power by 2025,” said Charlie Reid, Head of BlackRock Renewable Power in Asia Pacific.

“The strategic divestment further enhances NGP’s position to execute on the high volume of opportunities that we are seeing in the Taiwan renewables market,” said Jerome Tan, Chief Investment Officer of New Green Power. The company offers development, design, construction and project management services.

Last year, BlackRock Real Assets had acquired the entire equity interest in a solar portfolio comprising 28 projects in Taiwan from J&V Energy for an undisclosed sum. That was its first renewables investment in Taiwan and its first-ever floating solar acquisition.

BlackRock Real Assets currently manages a US$5 billion global renewables investment platform, which has established a strategic priority to invest in the Asia Pacific. It has invested in more than 300 solar and wind projects across 12 countries over the last few years.

Established in 2016, J&V Energy is a leading solar energy independent power producer headquartered in Taipei.