BlackRock Real Assets has entered into an agreement to acquire a majority stake in Taiwanese solar energy firm New Green Power (NGP), in a deal which supports BlackRock’s commitment to investing across Asia Pacific.
This is BlackRock’s third investment in NGP, but, as with its previous deals with NGP, the value of the latest transaction was not disclosed.
Taiwanese media, however, reported the latest deal was worth NT$6.8bn (€201m).
NGP is aiming at building out a 1GW solar portfolio in Taiwan over the next three to five years and pursuing further regional expansion.
A private fund, managed by BlackRock Real Assets, will own the Taiwanese assets.
Keith Mangan, head of APAC for the BlackRock Renewable Power investment team, said the latest acquisition underpinned the group’s commitment to investing across Asia Pacific.
“We are pleased to further the partnership with NGP via our third renewable power investment in Taiwan,” he said.
Ross Mackey, portfolio manager in the BlackRock Renewable Power investment team, said his team looked forward to expanding the partnership to grow NGP’s business in Taiwan and across the Asia Pacific region.
BlackRock Real Assets has been investing with NGP since 2018 and in that time has jointly developed and constructed more than 40 solar projects in Taiwan.
Jerome Tan, chief investment officer and head of asset management for New Green Power, said: “This latest investment further solidifies our partnership and provides us with competitive capital to deliver the significant pipeline NGP has developed and accelerated our expansion into new regional markets.”
To read the digital edition of the latest IPE Real Assets magazine click here.