The U.S.-based asset manager is strengthening its investments in renewable energy in Asia as the region, the world's fastest-growing, undergoes a shift towards green energy.
BlackRock Real Assets, a unit of U.S.-based BlackRock, is planning to grow its invested capital in Asia-Pacific renewables from $500 million to $3 million–$5 million by 2022–2025, its managing director told «The Business Times.»
«Asia-Pacific is the fastest-growing region for renewable deployment, so that's the reason we're making the commitment to the region,» said Charlie Reid, who leads BlackRock Renewable Power's investment team, was quoted as saying.
The firm, which is focusing on assets in Australia, Japan, Korea and Taiwan, aims to grow its capacity from 5 gigawatts to 750 gigawatts during this period, Reid said.
Top Destination for Renewables Investments
Power generation is undergoing a major shift in Asia-Pacific, driven by government support for clean energy, growing energy demand, and supportive tariffs. Among BlackRock Real Assets' planned investments in the region are 1 gigawatt of solar projects and an offshore wind farm in Taiwan, as well as solar and battery storage in South Korea, Reid said.
According to Bloomberg New Energy Finance, the Asia-Pacific region currently accounts for 44 percent of global onshore wind and almost 60 percent of global solar generation capacity. The region is expected to receive $3.5 trillion of investment into renewables, or 70 percent of all investment into new power generation, by 2040.
