BlackRock Real Assets ramps up Taiwan solar investment with 115MW project portfolio

The follow-on investment includes operating and construction projects.

A private fund managed by BlackRock Real Assets agreed to buy a 115MW solar portfolio comprising 14 projects in Taiwan from New Green Power (NGP) and J&V Energy Technology (J&V Energy), an announcement revealed. This marks the fund’s second renewables investment in Taiwan after acquiring a solar portfolio from J&V Energy in August last year.

Also read: Here's why BlackRock Assets is investing in Taiwan's renewable space

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, the company said.

Jerome Tan, chief investment officer of New Green Power, commented, “Today’s transaction increases the capacity that NGP manages and operates on behalf of BlackRock to over 190MW, whilst strengthening our position as one of the largest solar operators in Taiwan.”

BlackRock Real Assets currently manages a $5b global renewables investment platform, which has established a strategic priority to invest in Asia Pacific.