BlackRock Real Assets has acquired SolarZero, a leading player in the solar and smart battery sector based in New Zealand, in a deal worth more than NZ$100m (€60m).
The transaction, which is subject to approvals, is the first residential solar and battery investment made by BlackRock’s climate infrastructure business in the Asia-Pacific region.
As part of the acquisition, BlackRock said it intends to commit more than NZ$100m over the next three years to accelerate the growth of SolarZero’s solar and battery technology platform.
Established in 2008, SolarZero provides roof-top solar and smart battery across residential, commercial and community buildings in New Zealand.
Charlie Reid, Asia-Pacific co-head of climate infrastructure at BlackRock, said: “SolarZero is a global pioneer, and we look forward to supporting its expansion into other Asia-Pacific markets while at the same time accelerating New Zealand’s net zero journey.”
Last month, BlackRock purchased Melbourne-based Akaysha Energy, pledging to invest A$1bn (€688m) for new battery storage projects in coming years.
Andrew Booth, CEO and founder of SolarZero, said: “BlackRock climate infrastructure team’s investment and backing will enable us to rapidly increase our scale, grow our energy services network and accelerate the transition to a 100% clean energy future.”
To read the latest edition of the latest IPE Real Assets magazine click here.