Bright Energy Partners Signs 20-Year REC Supply Contract with Major Korean Conglomerate

20-Year Sales Contract with LG Chem, Lotte Chemical, and Others

Bright Energy Partners (BEP) announced on the 4th that it signed a contract to supply Renewable Energy Certificates (REC) for 20 years to major domestic companies such as LG Chem and Lotte Chemical for electricity produced from solar power plants with a capacity of 103MW (megawatts) over the past year.

The companies that signed REC trading contracts with BEP will secure 135GWh (gigawatt-hours) of renewable energy annually for the next 20 years through this agreement. This amount of electricity is enough to power 28,100 households of four people for an entire year. REC is a certificate for the amount of renewable energy generated from sources such as solar power, and purchasing it allows recognition for using eco-friendly electricity or reducing greenhouse gas emissions.

BEP is a solar private power producer (IPP) that began full-scale operations in January 2020 and operates solar facilities at over 250 locations nationwide. It focuses on acquiring small and medium-sized solar power plants with an average capacity of 1 to 3MW per individual plant, and its solar asset scale has grown at an average annual growth rate of 177.4% over the past three years.

A 13.5MW solar power plant owned and operated by BEP (located in Pyoseon-myeon, Seogwipo-si, Jeju Island) / Photo by Bright Energy Partners

Kim Hee-seong, CEO of BEP, said, "With this contract, major domestic manufacturing companies aiming for 'RE100 (Renewable Energy 100% Initiative)' can accelerate their efforts," adding, "BEP will continue to develop and acquire solar power generation assets to respond to the rapidly increasing demand for renewable energy generation in the market."