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Bloomberg
BlackRock Real Assets is aiming to boost its renewables power portfolio in Asia by as much as 10-fold as it seeks to keep pace with the world’s fastest-growing region for green energy.
The unit of New York-based BlackRock Inc. plans to raise invested capital in Asia-Pacific renewables to around $3 billion to $5 billion, from $500 million now, over the next three to five years, according to Charlie Reid, managing director and portfolio manager of the BlackRock Renewable Power investment team.
“Asia Pacific is the fastest-growing region for renewable deployment, so that’s the reason we’re making the commitment to the region,†Reid said in a phone interview. The investments will see the capacity of its assets rise to 5 gigawatts from 750 megawatts over the period, according to Reid, with a focus on Australia, Japan, Taiwan and South Korea. Asia has emerged as the top destination for renewable investments as expanding electricity demand, government support for clean energy and falling costs for green technology support projects that can create steady returns. Taiwan is “highly attractive†for long-term investors due to regulatory stability, growth opportunities and appealing risk-adjusted return, Reid said.