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BlackRock buys majority stake in Taiwan solar firm New Green Power

Taiwan solar power
By Hui Ching-hoo   
October 7, 2020

Taiwanese solar developer New Green Power will soon be controlled by BlackRock Inc., the world’s largest asset manager.

A private fund that invests in climate infrastructure assets globally, managed by BlackRock Real Assets, the asset management giant’s real estate and infrastructure investment arm, is buying an unspecified majority stake in the Taiwanese firm, BlackRock says in a statement on October 5. It didn’t disclose the purchase price or the seller of the stake.

“This acquisition underpins our commitment to investing across Asia Pacific, the world’s fastest-growing region for climate infrastructure capital deployment, with Taiwan playing a leading role in that growth,” Keith Mangan, Asia Pacific head of BlackRock’s renewable power investment team, says in the statement.

According to the company, BlackRock Real Assets has collaborated with New Green Power to develop over 40 solar projects across Taiwan since 2018.

New York-based BlackRock had US$7.32 trillion of total assets under management as of end-June, including more than $58 billion under BlackRock Real Assets.