Google Buys Stake in Taiwan Solar Power
Google made a significant announcement on Monday, revealing its new stake in Taiwan’s New Green Power and potential purchase of up to 300 megawatts of renewable energy from BlackRock (BLK.N). This strategic move opens a new chapter for fund-owned firms and promises to significantly reduce Google’s carbon emissions and those of its suppliers.
Investors are wielding their influence, compelling organizations to take action and reduce the greenhouse gas emissions related with their business operations and value chains. Notably, big tech firms have been at the forefront of this movement, setting ambitious targets for their businesses.
Google’s primary goal is to operate on carbon-free energy, no matter where it operates. Yet sector growth in demand for data-processing capacity to power AI has noticed a Jump. Also,
Amanda Peterson Corio, Google’s Global Head of Data Energy, told Reuters, “Taiwan is the major website for Google’s cloud technology, with company offices and data centers still depending on fossil fuels to generate 85% of its power.”
“The main goal of this investment is mainly to support the build-out of a large-scale solar pipeline in Taiwan,” Corio added.
Geographic regions like the Asia Pacific can be more challenging to decarbonize due to minimal developed restrictions and infrastructure, which limit corporate users’ ability to buy green power.
Furthermore, the new Green Power, owned by a fund managed by BlackRock’s climate infrastructure business, was among Taiwan’s leading solar developers and operators, said BlackRock’s Global Health of Climate Infrastructure David Giordano to Reuters.
Google and BlackRock denied the specific size of the stake equity in NGP. Still, Corio said that the investment was expected to drive the debt and equity finance to develop its 1 GW pipeline.
