Bright Energy Partners Signs 20-Year REC Supply Contract with Major Korean Conglomerate

20-Year Sales Contract with LG Chem, Lotte Chemical, and Others

Bright Energy Partners (BEP) announced on the 4th that it signed a contract to supply Renewable Energy Certificates (REC) for 20 years to major domestic companies such as LG Chem and Lotte Chemical for electricity produced from solar power plants with a capacity of 103MW (megawatts) over the past year.

The companies that signed REC trading contracts with BEP will secure 135GWh (gigawatt-hours) of renewable energy annually for the next 20 years through this agreement. This amount of electricity is enough to power 28,100 households of four people for an entire year. REC is a certificate for the amount of renewable energy generated from sources such as solar power, and purchasing it allows recognition for using eco-friendly electricity or reducing greenhouse gas emissions.

BEP is a solar private power producer (IPP) that began full-scale operations in January 2020 and operates solar facilities at over 250 locations nationwide. It focuses on acquiring small and medium-sized solar power plants with an average capacity of 1 to 3MW per individual plant, and its solar asset scale has grown at an average annual growth rate of 177.4% over the past three years.

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

Kim Hee-seong, CEO of BEP, said, "With this contract, major domestic manufacturing companies aiming for 'RE100 (Renewable Energy 100% Initiative)' can accelerate their efforts," adding, "BEP will continue to develop and acquire solar power generation assets to respond to the rapidly increasing demand for renewable energy generation in the market."

This content was produced with the assistance of AI translation services.