By Nick Hedley
BlackRock Real Assets has agreed to buy solarZero, a rooftop
solar and smart battery company based in New Zealand, and says it will invest
NZ$100 million (US$60 million) over the next three years to accelerate the
company’s growth.
This marks BlackRock Real Assets’ first investment in New
Zealand and its first residential solar investment in the Asia Pacific.
Established in 2008, solarZero sets fixed monthly solar
services fees for residential and commercial customers, with no initial upfront
installation costs for the consumer. It has installed 8,500 solar systems to
date and aims to expand into other markets in the Asia Pacific.
Its systems are run as virtual power plants – networks of
solar and smart batteries that supply excess power they generate into the grid.
New Zealand has set a target of 100% renewable electricity
generation by 2035 and to be a carbon-neutral economy by 2050. Yet residential
solar penetration is currently at 2%, BlackRock said in a statement.
“New Zealand is widely recognised as a global leader in
renewable energy and climate finance, and we are pleased to make our first
investment in this market,” said Charlie Reid, BlackRock’s Asia-Pacific co-head
of climate infrastructure.
“solarZero is a global pioneer, and we look forward to
supporting its expansion into other Asia-Pacific markets and, at the same time,
to accelerating New Zealand’s net zero journey.”
Andrew Booth, CEO and founder of solarZero, said: “By 2030,
50% of the world’s energy will be generated in the Asia Pacific region. The
window to prevent the worst impacts of the climate crisis is closing fast, and
the power couple of solar plus storage is one of the few true paths to energy
security, stable power prices, and a livable planet.”
BlackRock Real Assets recently invested in Australian
battery energy developer Akaysha, Taiwanese solar energy firm New Green Power,
Korean renewable energy developers KREDO and Brite Energy Partners, and
Australian electric vehicle charging provider JOLT.