A fund managed by BlackRock鈥檚 climate infrastructure business has taken a majority stake in South Korean company, Brite Energy Partners (BEP), with an additional investment of KRW100bn (鈧�66m).
The transaction is BlackRock鈥檚 fourth investment in BEP since August 2021.
The investment will support the further scaling of BEP鈥檚 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鈥檚 climate infrastructure business in APAC, said: 鈥淏EP is now established as a leading solar developer and operator in South Korea and at the forefront of the country鈥檚 energy transition. We look forward to supporting BEP鈥檚 continued expansion in South Korea, a core market for our investment activities.鈥�
Brian Heeseong Kim, CEO of BEP, said: 鈥淭his 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.鈥�
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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