Daegu, South Korea.
Photo: Rushanziatdinov, Pixabay
BlackRock’s Climate Infrastructure business has increased its majority stake in South Korean independent energy producer Brite Energy Partners.
The latest transaction, worth KRW100 billion, marks BlackRock’s fourth investment in Brite Energy Partners since August 2021.
Brite Energy Partners said the investment will help it scale its solar portfolio to more than 1 GW in the coming years and expand its battery storage and EV charging businesses.
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 companies that want to increase their use of renewable energy.
In March, Brite Energy Partners signed a REC sales agreement with Seoul-based electronics manufacturer LG Innotek for 84.7 MW of renewable energy.
“BlackRock has supported this [Brite Energy Partners’] business model and team from the very beginning,” said Brian Heeseong Kim, CEO of Brite Energy Partners. “This additional investment will help us develop and purchase solar energy [battery energy storage system] assets, as we expand our EV charging infrastructure to support domestic companies’ renewable energy transition efforts.”
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