solarZero Announces Acquisition by BlackRock Real Assets – EQ Mag Pro
solarZero, New Zealand’s leading provider of solar, battery storage and energy services, announced today that a fund managed by BlackRock Real Assets has agreed to acquire the company1 . New Zealand is currently leading Asia Pacific’s clean energy transition, and solarZero has built the region’s largest virtual power plant using its proprietary smart battery and energy management platform.
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.
“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. “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, prosperity, and a liveable planet.”
solarZero’s unique energy-as-a-service model accelerates solar and battery uptake without the need for government subsidies and with $0 upfront removes the barrier of a $25,000 plus upfront to install and maintain a solar and battery system. Uptake of the service is flat across the deprivation
1 The investment is subject to approval by the Overseas Investment Office (OIO). index, democratising renewable energy to help ensure that the transition to a net-zero economy will bring about a more equitable society.
solarZero is installing a new system every 35 minutes and plans to invest $1.0 billion in new insolar and battery systems across New Zealand over the next 10 years. The service currently powers the homes of almost 9000 families, generating over 89GWh of energy each year and with over 48MWh of storage its service provides active support to the national grid by reducing peak loads across the country by 16MW every day. Combined, solarZero customers have saved over $4.5 million on their power bills, reducing carbon emissions by 10, 950 tonnes, the equivalent of planting 102,000 trees.
Charlie Reid, Asia-Pacific Co-Head of BlackRock’s Climate Infrastructure team said, “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 invest in attractive markets as part of our broader efforts to offer a flow of addressable global climate investment opportunities for our clients. 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.”
solarZero co-developed with Panasonic, the world leading battery manufacturer, its smart battery platform which is at the heart of its energy service. The platform gives customers a personalised energy plan and connects them together to form clean, resilient virtual power plants- freeing them from power outages and rising energy costs.
“Our engineers in Japan and Singapore have spent the past five years working alongside solarZero’s team in Auckland to achieve significant design, technology and cost breakthroughs. This is a world-first battery platform design, and we are looking forward to working alongside solarZero and the
BlackRock Climate Infrastructure team to take this breakthrough technology global,” said Stewart Fowler, Managing Director of Panasonic New Zealand.
solarZero, a recipient of numerous financial and technology innovation awards, turns homeowners and businesses into active members of the new energy economy by giving them the freedom to generate, store, and control their own clean energy, and support their communities.
Source: voxy
