Page 5 - AsiaElec Week 34 2021
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AsiaElec INVESTMENT AsiaElec
BlackRock invests $100mn in
South Korea’s Brite Energy
JAPAN BLACKROCK Real Assets is to invest $100mn Corporation (KEPCO) or South Korean mem-
in the South Korean solar sector by taking an ber companies of the Climate Group’s global
equity stake in Brite Energy Partners. RE100 initiative.
Brite Energy aims to use the capital injections It operates as a solar mini-IPP platform and
to acquire and build up to 350 MW of small- uses an asset ownership model, where it seeks to
scale solar assets. achieve higher capital efficiency and profitability.
The acquisition is BlackRock’s first move into South Korea is still a major use of fossil fuels,
South Korea’s small-scale solar sector, and is but aims to reduce its carbon emissions by 40%
being carried out by BlackRock’s Global Power before 2030.
Renewable Fund III, which raised $4.8bn earlier BlackRock has become a major investor in
in 2021. green projects, and is taking part is an Asian
The fund has already earmarked more than Development Bank (ADB)-led scheme to accel-
one third of its capital for investments in climate erate the closure of coal-fired power plants across
infrastructure assets in Asia-Pacific. Asia. Prudential, Citi, HSBC and BlackRock are
Brite Energy’s “market-leading expertise all involved.
combined with BlackRock Real Assets’ scale The plan would involve a public-private part-
of capital will create a compelling force in the nership to buy out the coal-fired plants and close
local solar market,” said Charlie Reid, managing them down gradually over a period of 15 years.
director of BlackRock Renewable Power. BlackRock’s Global Power Renewable Fund
Heeseong Brian Kim, CEO and founder of III has also acquired an equity stake in Australian
Brite Energy, said: “We are bringing together EV charging provider JOLT Charge.
unrivalled industry expertise and insights, as BlackRock is to provide $72mn through
well as financial capacity so far unmatched in business milestones, including 5,000 charging
the Korean solar industry.” stations. The BlackRock investment will report-
He said Brite Energy would use the fund- edly be used to install 1,000 stations within the
ing from BlackRock to expand and become the next three years.
nation’s leading solar aggregator and operator. The fund is now the largest independent cli-
Brite Energy’s investment model is based on mate infrastructure fund globally.
signing 20-year agreements with subsidiaries
of state-owned utility Korean Electric Power
Week 34 25•August•2021 www. NEWSBASE .com P5
