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Charlie Reid, managing director of BlackRock Renewable Power, said Brite Energy’s “market-leading expertise combined with BlackRock Real Assets’ scale of capital will create a compelling force in the local solar market”.
Heeseong Brian Kim, CEO and founder of Brite Energy, said: “We are bringing together unrivalled industry expertise and insights, as well as financial capacity so far unmatched in the Korean solar industry.”
He said Brite Energy would use the funding from BlackRock to expand and become the nation’s leading solar aggregator and operator.
All projects developed and acquired by Brite Energy are expected to be fully contracted under 20-year agreements with subsidiaries of the state-owned Korean Electric Power Corporation (KEPCO) or Korean member companies of the Climate Group’s global RE100 initiative.
South Korea has set a target to reduce carbon emissions by 40% before 2030, and BlackRock expects to install 30GW of new renewable-power generation capacity in the country by 2025.
Source: Real Assets
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