We have a bold goal to reach net-zero emissions across all our operations and value chain by 2030, supported by a goal to run on 24/7 carbon-free energy on every grid where we operate. The path to reach these goals is challenging, and requires both commercial efforts and broader energy systems change. This includes creating new clean energy opportunities in regions that are early in their decarbonization journeys and have electricity grids that are undersupplied with carbon-free energy.
Today, we’re announcing a partnership with BlackRock’s Climate Infrastructure business that will help support the development of a 1 gigawatt (GW) pipeline of new solar capacity in Taiwan, advancing clean energy on the local electricity grid and our own 24/7 carbon-free goal. As part of our partnership, we’re making a capital investment in New Green Power (NGP), a Taiwanese solar developer and BlackRock portfolio company, to facilitate the buildout of its large-scale solar pipeline.
Our unique partnership with BlackRock’s Climate Infrastructure business to catalyze solar energy
Many countries in Asia Pacific face unique challenges with adding new carbon-free energy, including land constraints, low availability of commercially scalable wind and solar resources, and high construction costs. Therefore, fossil fuels, including imported coal and natural gas, generate nearly 85% of Taiwan’s electricity. To help overcome these obstacles, companies can play a pivotal role in finding new strategies to grow the supply of available renewable energy sources and promoting emerging technologies that enable the full decarbonization of regional electricity systems.
Our investment in NGP, subject to regulatory approval, will serve as development capital toward its 1 GW pipeline of new solar projects, catalyzing critical equity and debt financing for those projects. We expect to procure up to 300 MW of solar energy from this pipeline through power purchase agreements (PPAs) and the associated energy attribute certificates (Taiwan Renewable Energy Certificates or T-RECs) to help meet electricity demand from our data center campus, cloud region and office operations in Taiwan.