BlackRock Real Assets announced today it has agreed to buy an equity stake in Korean solar developer Brite Energy Partners (BEP), with plans to provide it with more than USD 100 million (EUR 85.3m) in capital over time.
BEP is a renewables-only independent power producer (IPP) led by industry veterans from Hanwha Q Cells, Hanwha Energy, Hanwha Asset Management and the UK-based Foresight Group.
The capital that BEP will receive from BlackRock will be used to finance the acquisition and construction of small-scale solar arrays in South Korea with a combined capacity surpassing 350 MW, according to the announcement. BEP’s goal is to become the nation’s leading solar aggregator and operator. All of its projects will operate under 20-year contracts with subsidiaries of state-owned Korean Electric Power Corporation (KEPCO) or local members of the Climate Group’s global RE100 initiative.
BlackRock Real Assets said it is making the investment as part of its Global Renewable Power strategy, which achieved a final close of USD 4.8 billion earlier in 2021. The latest transaction takes the strategy’s portfolio in Asia-Pacific (APAC) to more than 3 GW of power generation capacity.
(USD 1.0 = EUR 0.853)
Choose your newsletter by Renewables Now. Join for free!