South Korean independent renewable energy producer Brite Energy Partners said Sunday that it has secured a fresh investment worth 100 billion won ($72 million) from its largest shareholder BlackRock.

This funding, provided through BlackRock’s climate infrastructure business, is the fourth investment since BlackRock first backed BEP in August 2021.

With the new capital, BEP plans to expand its solar portfolio to over 1 gigawatt, widen its electric vehicle fast-charging network and secure battery energy storage systems.

BEP is involved in developing, acquiring, and the long-term operation of solar power plants. Currently, the company sells electricity and renewable energy certificates generated from its over 300 solar power plants nationwide to major domestic companies that need renewable energy.

In 2023, the company secured long-term contracts with several companies, supplying 135 gigawatt-hours of renewable energy annually, enough to power 28,100 households.

Since 2022, BEP has been active in the electric vehicle fast charging market, managing the rapid charging network "Water."

To become one of the top three charge point operators within three years, Water is expanding its fast-charging infrastructure across public lands, local government areas and highway rest stops throughout the country.

Earlier this month, BEP signed a partnership agreement with electric vehicle charger manufacturer SK Signet to speed up the deployment of ultrafast charging stations.

"BlackRock has strongly supported our business model and team since the beginning. This additional investment will help us develop solar power and battery energy storage system assets and expand our fast-charging electric vehicle infrastructure. Ultimately, it will support domestic companies transitioning to renewable energy," said BEP CEO Kim Hee-seong.