New Green Power Expands into EV Charging and Battery Storage Businesses

Taiwan’s New Green Power (NGP) is expanding its renewable energy offering, from a solar developer and operator, to now investing in electric vehicle (EV) charging solutions and the development of battery storage in Taiwan.

The two projects mark NGP’s first investments in these respective areas, and is a significant milestone for the Company as a multifaceted renewable energy enterprise in Taiwan.

NGP designs, develops, builds and operates solar parks in Taiwan. It was established in 2009 and currently manages and develops over 1 GW of solar assets in the country.

The expansion is the first deal since BlackRock Alternatives’ Climate Infrastructure business announced it was taking full ownership of NGP in August 2022, with completion having occurred after regulatory approval in October.

Established in 2019, EVOASIS is one of the most advanced EV charging point operators (CPO) in Taiwan and has achieved early success by completing the construction of an EV charging network that spans 22 up-and-running Direct Current (DC) charging stations with a capacity of over 120kW.

To date, EVOASIS has over 10,000 unique users, representing one-third of EV owners in Taiwan, benefitting from the Taiwanese authorities’ target to achieve 100% electric vehicle sales by 2040.

In addition, NGP has invested and is developing a 59MW battery energy storage (BESS) project and targets to build out at least 200MW of battery storage over the coming years. This battery storage project will provide support to the grid at a critical time in Taiwan’s energy transition. Taiwan’s battery energy storage (BESS) market is expected to accelerate within the decade with 9GW of storage targeted by 20302.

Leo Seewald, Chairman of NGP, said: “2022 marks the tenth anniversary of NGP. We are proud to build on our track record in the solar business, and forge into EV charging and battery storage sectors, to develop NGP into a multifaceted renewable energy enterprise, backed by the strong support from BlackRock Alternatives. We look forward to contributing to build a cleaner community in Taiwan.”

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