BlackRock Real Assets to pour USD 100m in Korean solar developer
- BlackRock Real Assets introduced today it has accepted buy an equity risk in Korean solar designer Brite Energy Partners (BEP), with strategies to supply it with more than USD 100 million (EUR 85.3 m) in resources in time.
BEP is a renewables-only independent power producer (IPP) led by sector professionals from Hanwha Q Cells, Hanwha Energy, Hanwha Asset Management and also the UK-based Foresight Group.
The funding that BEP will get from BlackRock will certainly be used to finance the procurement as well as building of small-scale solar arrays in South Korea with an incorporated capability surpassing 350 MW, according to the announcement. BEP's objective is to end up being the nation's leading solar aggregator and also operator. All of its projects will certainly run under 20-year contracts with subsidiaries of state-owned Korean Electric Power Corporation (KEPCO) or regional members of the Climate Group's international RE100 campaign.
BlackRock Real Assets said it is making the investment as part of its International Renewable Power technique, which achieved a last close of USD 4.8 billion earlier in 2021. The latest deal takes the method's portfolio in Asia-Pacific (APAC) to more than 3 GW of power generation ability.