BlackRock’s PV & Storage Acquisition In New Zealand

• BlackRock Climate Infrastructure has made its maiden investment in New Zealand with the acquisition of solarZero
• It will enable solarZero to strengthen its presence within New Zealand and also expand internationally
• solarZero plans to expand into other Asia-Pacific markets with the backing of BlackRock

Solar, battery and storage energy services provider solarZero in New Zealand says a BlackRock Real Assets managed fund called BlackRock Climate Infrastructure has agreed to acquire the company, making its maiden investment in this market.

The Kiwi company installs solar and storage systems for homes and small businesses, promising to supply clean energy at a price that can be up to 30% cheaper than buying grid electricity. Providing energy-as-a-service, solarZero claims to have installed enough capacity to generate more than 89 GWh solar power annually with more than 48 MWh of storage, for almost 9,000 families.

It plans to invest $1.0 billion in new solar and battery systems across the country over the next 10 years by installing a new system every 35 minutes as customers look to get reprieve from power outages and rising energy costs. The company has also developed its smart battery platform with Panasonic to help customers form virtual power plants (VPP).

With BlackRock's backing, solarZero will drive its next phase of growth within and outside New Zealand. "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 Founder and CEO of solarZero, Andrew Booth.

For BlackRock, this venture is aligned with its plans to invest further in renewable energy. "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," explained BlackRock Climate Infrastructure's Asia Pacific Co-Head Charlie Reid. "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."

In November 2021, solarZero raised $40 million from New Zealand Green Investment Finance (NZGIF) to support deployment of up to 40 MW commercial solar in the country (see $40 Million For Commercial Solar In NZ).