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BlackRock forms first renewables venture in Thailand
Partnership with Chow Energy to build large-scale commercial and industrial solar portfolio
The Asset 7 Sep 2023

BlackRock’s Climate Finance Partnership (CFP), a public-private finance vehicle that seeks to accelerate the flow of capital into emerging market climate infrastructure, has partnered with Chow Energy Company, a renewable energy operator and developer in Thailand.

As BlackRock Private Markets’ first renewable venture in Thailand, the partnership aims to support Chow Energy’s target of developing and building out a 1-gigawatt pipeline of domestic greenfield commercial and industrial solar capacity. The portfolio is forecast to help reduce a million metric tonnes of carbon dioxide emission over its lifetime.

Thailand is an energy-intensive economy with electricity consumption underpinned by a sizable share of industrial demand comprising of a large base of mature industrial blue-chip firms. The country has established a framework for private sector participation in the generation sector which allows independent power producers to sign power purchase agreements with government utilities.

With rising domestic gas and electricity prices as a result of the prevailing high price of liquefied natural gas, the venture is expected to play a critical role in facilitating the use of more affordable and cleaner electricity for businesses and corporates.

BlackRock says the combination of its scale and financing expertise with Chow Energy’s local experience and capabilities, will enable the company to further solidify its position as a key player in Thailand’s energy transition while supporting the country’s 30% renewable capacity target by 2037.

CFP is a unique blended finance vehicle that was established among BlackRock and the governments of France (AfD), Germany (KfW), and Japan (JBIC), leading US impact organizations and institutional investors. The CFP brings together the public, private and philanthropic sectors to mobilize significant blended capital into climate infrastructure, targeting investment in non-OECD countries across Asia, Latin America, and Africa.

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