BEP and Hyundai Engineering & Construction to Jointly Promote 1.6GW Solar Renewable Energy Supply
Strategic MOU to Expand the RE100 Market
Brite Energy Partners (BEP) announced on June 1 that it will collaborate with Hyundai Engineering & Construction to expand the domestic renewable energy direct PPA (Power Purchase Agreement) market. The two companies recently signed a business agreement (MOU) at the Hyundai Engineering & Construction headquarters in Gye-dong, Jongno-gu, Seoul, agreeing to jointly promote the supply of 1.6GW of solar renewable energy.
Brian Heeseong Kim, Chairman of Brite Energy Partners (left), and Donghoon Lee, Head of the Development Business Division (Executive Director) at Hyundai Engineering & Construction, signed a Memorandum of Understanding (MOU) at Hyundai Engineering & Construction headquarters in Gyedong, Jongno-gu, Seoul, on the 29th and are posing for a commemorative photo. Brite Energy Partners
View original imageThis agreement was established to respond to domestic RE100 implementation demand by combining BEP’s solar power development capabilities with Hyundai Engineering & Construction’s power brokerage and renewable energy supply network. The two companies plan to pursue collaboration in solar power PPAs, identifying RE100 demand-side companies, and developing new business opportunities together.
The supply target of 1.6GW set in this agreement is expected to generate approximately 2,000GWh of electricity annually from solar power, which is enough to supply about 480,000 households of four people (with an average monthly electricity consumption of around 350kWh) for an entire year.
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Brian Heeseong Kim, Chairman of Brite Energy Partners, stated, “What companies need most in the RE100 market is a long-term, stable supply. Moving forward, BEP will support domestic RE100 companies in energy procurement by establishing a stable renewable energy supply structure.”
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