Daegu, South Korea.
Photo: Rushanziatdinov, Pixabay
BlackRock’s Climate Infrastructure business has increased its majority stake in South Korean independent power producer Brite Energy Partners.
The latest transaction, equivalent to KRW 100 billion, marks BlackRock’s fourth investment in Brite Energy Partners since August 2021.
Brite Energy Partners said the investment will help scale its solar portfolio to more than 1 GW in the coming years and expand its battery storage and EV charging operations.
The company currently operates more than 300 solar power plants in South Korea. They generate electricity and renewable energy certificates (RECs), which are sold to domestic corporations aiming to increase their renewable energy usage.
In March, Brite Energy Partners signed a REC sale agreement with Seoul-based electronics manufacturer LG Innotek for 84.7 MW of renewable energy.
“BlackRock has supported [Brite Energy Partners’] business model and team from the very start,” said Brite Energy Partners CEO Brian Heeseong Kim. “This additional investment will help us develop and acquire solar and [battery energy storage system] assets, while expanding our EV charging infrastructure to support the renewable energy transition efforts of domestic companies.”
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