BlackRock Real Assets, the realty investment arm of global asset manager Blackrock, has acquired solarZero, a New Zealand-based provider of solar, battery storage and energy services, according to an announcement.
The deal was worth more than NZ$100 million ($60 million), per a report by IPE Real Assets. solarZero plans to invest $1 billion in new solar and battery systems across New Zealand over the next 10 years.
Established in 2008, solarZero allows homeowners to power their homes by streaming the sun’s energy and converting it to usable electricity. The service, which requires no upfront costs, can generate power 30% cheaper than buying electricity from the grid.
BlackRock’s Climate Infrastructure business, which sits within BlackRock Real Assets, will work with solarZero’s management team to build on the company’s market-leading track record and drive its next phase of growth, both in New Zealand and internationally.
solarZero noted that the partnership will accelerate New Zealand’s transition to 100% renewable electricity with over $1 billion on track to be deployed over the next decade.
“Kiwis want clean and resilient energy. BlackRock Climate Infrastructure team’s investment and backing will enable us to rapidly scale, grow our energy services network, and accelerate the transition to a 100% clean energy future” said Andrew Booth, founder and CEO of solarZero.
“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. Our move into New Zealand demonstrates BlackRock’s commitment to investing in attractive markets as part of our broader efforts to offer a flow of addressable global climate investment opportunities for our clients,” said Charlie Reid, Asia-Pacific Co-Head of BlackRock’s Climate Infrastructure team.
BlackRock Real Assets manages over $70 billion in client commitments as of June 30, 2022.
In August, BlackRock Real Assets, the realty investment arm of global asset manager Blackrock, agreed to buy out Melbourne-based battery storage and renewable energy development Akaysha Energy for an undisclosed amount.
As part of the proposed acquisition, BlackRock Climate Infrastructure, a fund managed by BlackRock Real Assets, will inject over A$1 billion ($700 million) into Akaysha’s string of nine big batteries portfolio across Australia with a 1-GW-plus capacity.