A fund managed by BlackRock Real Assets has agreed to a scheme arrangement that will result in the acquisition of solarZero, a major player in New Zealand’s solar and smart-battery sector.
solarZero is a large provider of rooftop solar and smart battery systems across residential, commercial and community buildings in New Zealand. As a prime solar-as-a-service option, solarZero aims to make solar and low-priced energy more accessible for New Zealanders, as energy costs have risen 118 percent in the past 20 years.
The solarZero system is monitored, managed, and connected as a virtual power plant, a network of solar and smart batteries that effectively provides additional power supply to support the power grid.
solarZero has installed 8,500 solar systems on New Zealand homes and businesses, more than any other company in New Zealand.
As part of the transaction, BlackRock Real Assets is planning to commit more than NZD$100 million ($60.7 million) of capita