Bright Energy Partners Secures Additional 100 Billion KRW Investment from BlackRock

Four Investments Made Including the First in 2021
Expansion of Electric Vehicle Fast Charging Network 'Water'... Aiming to Enter Top 3 Operators Within 3 Years

Bright Energy Partners (BEP) announced on the 18th that its largest shareholder, BlackRock, has made an additional investment of approximately 100 billion KRW in the company through a fund managed by its Climate Infrastructure division.

This investment marks the fourth time BlackRock has invested in BEP since its initial investment in August 2021. BEP plans to use the secured funds to ▲expand its solar power portfolio to over 1GW ▲expand electric vehicle fast charging infrastructure ▲acquire battery energy storage systems (BESS), among other uses.

BEP is a renewable energy power generation company that directly develops or acquires solar power plants and holds and operates them long-term. Currently, it sells electricity generated from more than 300 solar power plants nationwide and renewable energy certificates (REC) to major domestic companies seeking to purchase renewable energy.

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

Since November 2022, BEP has also been operating the electric vehicle fast charging network "WATER." WATER aims to become one of the top three operators within three years by installing fast charging facilities primarily on public land owned by local governments and public institutions nationwide, as well as at highway rest areas and transportation hubs.

Charlie Reid, Co-Head of BlackRock Asia Pacific Climate Infrastructure, said, "BEP has now established itself as a leading solar development and operation company in Korea and is taking the lead in Korea's energy transition. BlackRock will continue to support BEP's sustained growth in the Korean market."

Kim Hee-sung, CEO of Bright Energy Partners, said, "BlackRock has supported BEP's business model and team since its early founding stages. This additional investment will help BEP develop and acquire solar power and BESS assets and expand electric vehicle fast charging infrastructure to support domestic companies' transition to renewable energy."