A fund managed by top global asset manager BlackRock’s climate infrastructure business has made a further 100 billion South Korean won (US$78 million) investment in Brite Energy Partners (BEP) to increase its majority equity stake.

The transaction marks 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 1 gigawatt (GW) in the coming years, plus greater expansion of battery energy storage systems (BESS) and electric vehicle (EV)-charging operations. 

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.

In 2023 alone, BEP executed several 20-year contracts with large Korean corporates to supply a total of 135 GW-hours of renewable energy annually – enough to power 28,100 households for a year.

Since November 2022, BEP has been expanding its fast-charging network for EVs under the brand name WATER. The company aims to become one of the top three direct-current fast-charging charge point operators in South Korea by 2027 and is building charging infrastructure throughout government-owned premises, highway service stations and transport hubs.

“BEP is now established as a leading solar developer and operator in South Korea and at the forefront of the country’s energy transition,” says Charlie Reid, co-head of BlackRock, climate infrastructure, Asia-Pacific. “We look forward to supporting its continued expansion in South Korea, a core market for our investment activities."

Brian Heeseong Kim, BEP’s CEO, adds: “BlackRock has supported our business model and team from the very start. 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.”