White & Case Advises Brite Energy Partners on US$100 million Investment from BlackRock to Expand Solar Capabilities
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Global law firm White & Case LLP has advised Brite Energy Partners (BEP), a South Korean solar energy development and investment company, on its equity financing and further financing commitment in an aggregate amount of more than US$100 million from BlackRock Real Assets, a unit of the world's largest asset manager BlackRock, Inc.
White & Case partner Dongho Lee, who led the Firm's team, said: "White & Case is at the forefront of ESG related investments, as demonstrated by our role representing Brite Energy Partners, an up and coming Korean solar energy company, on an important investment that will accelerate its further growth."
The transaction marks BlackRock Real Assets' first investment in South Korea's small-scale solar sector and is made through its Global Power Renewable Fund III, which raised US$4.8 billion earlier this year.
The investment will be used to fund BEP's acquisition and construction of small-scale solar assets in South Korea, amounting to over 350MW in power-generation capacity. All projects developed and acquired by BEP 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.
The White & Case team in Seoul which advised on the transaction was led by partner Dongho Lee, with support from associates Younghee Chung, Jun Kim and Justin Chang.
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