U.S. investment giant BlackRock will buy New Zealand rooftop solar company solarZero, for NZ$100 million (US$60 million) as part of its wider clean energy push into the Asia-Pacific region.
Founded in 2008, solarZero says it has built the region’s largest “virtual power plant” and installed systems on over 9,000 homes.
The company’s business model is unique in that it installs panels and batteries at no cost to the homeowner, with solarZero maintaining ownership over the hardware. Together these systems work together to form a virtual power plant that can shift electricity where it is needed.
This model has helped accelerate the rollout of solarZero, with the company claiming it is installing a new system every 35 minutes. There are also plans to invest NZ$1 billion into solar panels and batteries across New Zealand over the next 10 years….