Press Releases

BlackRock Real Assets expands solar investment portfolio in Taiwan

BlackRock |May 14, 2019

Taipei/Hong Kong/Singapore, May 14, 2019 – A private fund managed by BlackRock Real Assets (the “Fund”) has entered into an agreement to acquire a 115MW solar portfolio comprising 14 projects in Taiwan from New Green Power (NGP) and J&V Energy Technology (J&V Energy), leading solar energy companies headquartered in Taipei.

This marks the Fund’s second renewables investment in Taiwan after acquiring a solar portfolio from J&V Energy in August last year.

The follow-on investment consists of operating and construction projects, with NGP continuing to provide engineering, procurement and construction (EPC), as well as long-term operations, maintenance and asset management services. The portfolio offers stable and long-term income for investors with attractive 20-year feed-in-tariff (FIT) contracts secured from an investment grade off-taker.

Charlie Reid, Portfolio Manager of the BlackRock Renewable Power investment team, said: “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.”

Leo Seewald, Head of BlackRock Taiwan, said: “We are excited about this additional investment in solar technology in Taiwan and the fact we are supporting the local market’s transition to renewable energy.”

BlackRock Real Assets currently manages a U.S.$5 billion global renewables investment platform1, which has established a strategic priority to invest in Asia Pacific. More than 300 solar and wind projects have been invested in across 12 countries over the last few years, providing clean energy to 10 million homes per annum2. The platform is set to continue to grow as BlackRock Real Assets launches new strategies to invest in renewable power projects globally.

Jerome Tan, Chief Investment Officer of New Green Power, said: “We are pleased to expand our partnership with BlackRock. Today’s transaction increases the capacity that NGP manages and operates on behalf of BlackRock to over 190MW, while strengthening our position as one of the largest solar operators in Taiwan. 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.”

Kai Tan, Chief Executive Officer of J&V Energy, said, “This transaction once again demonstrates the strong appetite for J&V’s solar assets and pipeline. Our prior successful experience partnering with the BlackRock team continued to give us confidence in their transaction execution capabilities and commitment to the Taiwan market. We are pleased to be delivering another positive outcome for our shareholders.”

Contacts

BlackRock
Cynthia Ng (Hong Kong)
Phone: +852 3903 2553
Email: cynthia.ng@blackrock.com

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2019, the firm managed approximately $6.96 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/corporate