Renewable energy specialist corporations Bright Energy Partners (BEP) said on the 1st it will work with Hyundai Engineering & Construction to expand Korea's direct renewable energy PPA (power purchase agreement) market. The two sides recently signed a memorandum of understanding (MOU) at Hyundai Engineering & Construction's headquarters in Gye-dong, Jongno-gu, Seoul, and agreed to jointly push for the supply of 1.6 gigawatts (GW) of solar renewable energy.
The agreement was arranged to meet demand for RE100 (covering 100% of electricity use with renewables) in Korea by combining BEP's solar power project development capabilities with Hyundai Engineering & Construction's power brokerage and renewable energy supply network. The companies plan to work together on solar PPAs, discovering RE100 demand corporations, and developing new businesses.
The two companies plan to expand a stable renewable energy supply base in Korea's RE100 market by combining BEP's solar power project development and operation capabilities with Hyundai Engineering & Construction's renewable energy supply network, which entered the power brokerage trading business in 2023.
The supply target of 1.6 GW under this agreement equates, based on solar generation, to about 2,000 GWh of electricity annually—enough to power about 480,000 four-person households (with an average monthly consumption of about 350 kWh) for an entire year.
Kim Hee-seong, chair of Bright Energy Partners, said, "What corporations need most in the RE100 market is supply that does not waver over the long term," adding, "Going forward, BEP will support energy procurement by Korea's RE100 corporations based on a stable renewable energy supply structure."
Lee Dong-hoon, head of the development division (executive director) at Hyundai Engineering & Construction, said, "Through this agreement with BEP, we have further strengthened a competitive supply base in Korea's renewable energy PPA market by adding high-quality generation asset."