BlackRock Alternatives invests more in Korean solar developer BEP

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

BlackRock Alternatives’ Climate Infrastructure business has made an additional investment of more than KRW 170 billion (USD 133m/EUR 125m) in Korean small-scale solar developer and independent power producer Brite Energy Partners (BEP).

BEP said in a statement on Tuesday that the additional financial backing by BlackRock will help it acquire and realise a portfolio of small-scale solar projects in South Korea. The entire portfolio is expected to add more than 500 MW of power generation capacity.

Currently, BEP operates more than 100 fully-owned solar sites across the country.

In addition, the new investment should help BEP boost its electric vehicle (EV) fast charging business at home which was launched in November 2021 under the brand “Water”. The firm aims to build over 100 fast charging stations in Korea by 2025.

BlackRock Real Assets made its initial investment in BEP in August 2021.

(KRW 1,000 = USD 0.781/EUR 0.736)

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