A fund managed by BlackRock’s climate infrastructure business has taken a majority stake in South Korean company, Brite Energy Partners (BEP), with an additional investment of KRW100bn (€66m).
The transaction is BlackRock’s fourth investment in BEP since August 2021.
The investment will support the further scaling of BEP’s solar portfolio, which aims to reach more than 1GW in the coming years, plus greater expansion of battery energy storage system (BESS) and electric vehicle (EV) charging operations.
Charlie Reid, co-head of BlackRock’s climate infrastructure business in APAC, said: “BEP is now established as a leading solar developer and operator in South Korea and at the forefront of the country’s energy transition. We look forward to supporting BEP’s continued expansion in South Korea, a core market for our investment activities.”
Brian Heeseong Kim, CEO of BEP, said: “This additional investment will help us develop and acquire solar and BESS assets, while expanding our EV charging infrastructure to support the renewable energy transition efforts of domestic companies.”
BEP currently operates more than 300 solar-power plants nationwide, generating electricity and renewable-energy certificates which are sold to major domestic corporations aiming to increase their use of renewable energy.
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