Brite Energy Partners, LG Innotek sign 84.7 MW deal in South Korea

LG Innotek will secure electricity and supply renewable energy certificates (REC) under a 20-year fixed-price agreement, procuring 100 GWh of renewable energy per year.

Image: Brite Energy Partners

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BEP has signed a REC sales agreement with LG Innotek for 84.7 MW of renewable energy in South Korea.

The agreement sees LG Innotek, a Seoul-based electronics manufacturer, enter into a 20-year agreement with Brite. It plans to procure 100 GWh of renewable energy annually, equivalent to the power consumption of approximately 23,809 Korean households.

LG Innotek will also secure and supply RECs, a form of accreditation facilitated through fixed prices or spot trading via the Korea Energy Corp., to recognize eco-friendly electricity usage or greenhouse gas emission reduction achievements.

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BEP has billed the agreement as the largest single REC contract in South Korea’s renewable energy market in terms of generation capacity, excluding transactions between affiliated conglomerates. CEO Brian Heeseong Kim said  BEP “will actively cooperate, utilizing solar power assets to assist LG Innotek in achieving its renewable energy transition goals.”

BEP announced its first solar power purchase agreement in South Korea in April 2023.

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