Exclusive: KKR, LG Energy form JV to enter South Korea''s BESS
The venture will combine LG''s battery manufacturing capabilities with KKR''s infrastructure financing to jointly bid for large-scale BESS projects overseen by the government.
The venture will combine LG's battery manufacturing capabilities with KKR's infrastructure financing to jointly bid for large-scale BESS projects overseen by the government.
The BESS rollout is viewed as critical infrastructure for South Korea's clean energy ambitions. The rapid expansion of solar and wind power has intensified demand for storage solutions that can stabilize the grid and ensure supply continuity.
Summary of South Korea BESS policies, strategies, and regulations. To create strategies to efficiently address climate change and ensure energy independence, develop new sources of economic growth, and improve the quality of life and reputation on the global stage.
The initiative is closely tied to South Korea's 11th Basic Plan for Electricity Supply and Demand, which outlines an aggressive ramp-up in renewables. The plan aims to boost the share of green energy from 8.4 percent of the national energy mix in 2023 to 29.2 percent by 2038.
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