Infrastructure investment manager I Squared Capital has signed a memorandum of understanding (MoU) with Korean construction company GS E&C to develop renewables in the country.
Both companies will establish a joint venture that will focus on developing a total of 1.5GW of solar PV and battery energy storage systems (BESS) by 2035. More than half of the targeted development portfolio will be for solar PV, with approximately 820MW.
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Through a dedicated development company, DevCo, GS E&C will overview new business opportunity development, permitting and site acquisition as well as early-stage project structuring. The South Korean company will also leverage its technical expertise and provide project management and technical advisory services.
According to the companies, the partnership comes at a time when South Korea is accelerating its efforts to expand renewable energy generation, with the government targeting 20% of electricity generation coming from renewable sources by 2030.
The partnership between the two companies comes two months after the South Korean government unveiled its plan to almost treble its operational renewable energy capacity from 37GW to 100GW by the end of the decade.
Gautam Bhandari, managing partner and chief investment officer at I Squared Capital said: “South Korea is a strategically important market for I Squared and we see significant opportunities to support the country’s energy transition through investment in essential energy infrastructure.
“By partnering with GS E&C, we are bringing together complementary capabilities to develop a meaningful pipeline of renewable energy projects that can contribute to South Korea’s growing demand for reliable, sustainable power.”
