I Squared Capital and GS E&C Sign MoU for Renewable Energy Joint Venture in South Korea

I Squared Capital and GS E&C Sign Memorandum of Understanding to Establish Renewable Energy Joint Venture in South Korea

I Squared Capital ("I Squared"), a leading independent global infrastructure investment manager, and GS E&C, a leading comprehensive construction company in Korea, have signed a Memorandum of Understanding ("MoU") to establish a joint venture focused on the development of renewable energy projects in South Korea.

The proposed joint venture will focus on solar power and battery energy storage system projects in South Korea, with the goal of securing and developing a total of 1.5GW of renewable energy assets by 2035, marking one of the first large-scale renewable energy developer initiatives undertaken by a major Korean conglomerate. Of the 1.5GW, solar power assets are expected to account for approximately 820 MW. The partnership comes at a time when South Korea is accelerating efforts to expand renewable energy generation, with the government targeting renewables to account for at least 20% of electricity generation by 2030.

As part of the joint venture, I Squared and GS E&C will jointly evaluate opportunities and conduct project feasibility assessments. Through a dedicated development company (DevCo), GS E&C will lead new business opportunity development, permitting and site acquisition, and early-stage project structuring. GS E&C will also provide project management and technical advisory services, leveraging its domestic and overseas renewable energy project experience and technical expertise.

The partnership combines I Squared's global infrastructure investment expertise and experience across the energy transition sector with GS E&C's local market knowledge, engineering capabilities and project execution track record. Together, the partners aim to accelerate the deployment of renewable energy infrastructure in South Korea and support the country's long-term decarbonization and energy security objectives.

Gautam Bhandari, Managing Partner and Chief Investment Officer of I Squared Capital commented, "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."

Ryu, Young-ha, Head of Renewable/Power Business Department, GS E&C stated, "In response to the emerging global carbon neutrality era, we are expanding our business portfolio into various renewable energy sectors including solar power. Going forward, we plan to continue identifying new business opportunities by securing development rights and discovering demand sources both domestically and internationally."

The proposed joint venture represents a significant step in expanding renewable energy development activity in South Korea and further strengthens I Squared's presence in the country. As a specialist global infrastructure investor with deep experience across Asia, I Squared is committed to supporting investment in critical infrastructure that enables economic growth, energy security and sustainability.

For GS E&C, the partnership reflects its mid- to long-term strategy to expand its presence in renewable energy and other energy transition-related sectors, reinforcing the company's commitment to sustainable growth.

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at https://www.isquaredcapital.com.

About GS E&C

GS E&C is a leading comprehensive construction company that has been delivering a wide range of projects both in Korea and overseas since its establishment in 1969, leveraging the technological expertise and project execution capabilities it has accumulated across the housing, building, infrastructure, and plant sectors. Through its premium residential brand Xi, GS E&C has consistently provided differentiated residential value while strengthening its construction and business competitiveness in the infrastructure, building, and plant sectors. In recent years, the company has expanded its business portfolio into future growth areas such as data centers, modular construction, renewable energy, and smart cities, building on the capabilities developed through its existing businesses and reinforcing the foundation for sustainable growth.

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