BlackRock Real Assets has acquired SolarZero, a leading player in the solar and smart battery sector based in New Zealand, in a deal worth more than NZ$100m (鈧�60m).
The transaction, which is subject to approvals, is the first residential solar and battery investment made by BlackRock鈥檚 climate infrastructure business in the Asia-Pacific region.
As part of the acquisition, BlackRock said it intends to commit more than NZ$100m over the next three years to accelerate the growth of SolarZero鈥檚 solar and battery technology platform.
Established in 2008, SolarZero provides roof-top solar and smart battery across residential, commercial and community buildings in New Zealand.
Charlie Reid, Asia-Pacific co-head of climate infrastructure at BlackRock, said: 鈥淪olarZero is a global pioneer, and we look forward to supporting its expansion into other Asia-Pacific markets while at the same time accelerating New Zealand鈥檚 net zero journey.鈥�
Last month, BlackRock purchased Melbourne-based Akaysha Energy, pledging to invest A$1bn (鈧�688m) for new battery storage projects in coming years.
Andrew Booth, CEO and founder of SolarZero, said: 鈥淏lackRock climate infrastructure team鈥檚 investment and backing will enable us to rapidly increase our scale, grow our energy services network and accelerate the transition to a 100% clean energy future.鈥�
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