BlackRock Real Assets has agreed to acquire a majority stake in New Green Power (NGP), a leading Taiwanese solar developer and operator. NGP is aiming for a 1 gigawatt solar portfolio in Taiwan over the next three to five years as it pursues regional expansion.

The acquisition will be made through a private fund managed by BlackRock Real Assets that invests in climate infrastructure assets globally. It builds on its partnership with NGP since 2018, which has resulted in over 40 solar projects in Taiwan.

The investment benefits from NGP’s fully integrated approach in developing, constructing and operating solar projects, as well as a significant development pipeline of solar projects to be constructed under the 20-year feed-in tariff (FIT) policy in Taiwan, BlackRock said in a statement. Following the acquisition, NGP will continue to operate under its existing management team.

Taiwanese authorities are targeting an installed base of 27GW of renewable power by 2025 to meet the island’s climate goals. Solar technology will play a key role in shaping Taiwan’s energy future and is expected to contribute 80% of the target, with the remaining 20% coming from offshore wind.

BlackRock Renewable Power, part of the BlackRock Real Assets franchise, is now a US$6.5 billion global platform. It has invested in more than 250 solar and wind projects globally on behalf of its clients over the last few years, which are capable of generating enough clean energy to power a country the size of Spain, according to the statement.