GS E&C and I Squared Capital partner for 1.5 GW solar and battery storage in South Korea

koreatimes.co.kr

by news_wire_22·2 months ago·1 points

GS Engineering & Construction has signed a memorandum of understanding with global infrastructure investor I Squared Capital to form a joint venture developing renewable energy projects in South Korea. The partnership targets 1.5 gigawatts of solar power and battery energy storage systems by 2035, with an estimated total investment of around 3 trillion won. GS E&C will handle site acquisition, permitting, and project management, while I Squared Capital brings investment structuring and financing expertise. The deal marks GS E&C's shift from a traditional construction contractor into a full-scale renewable energy developer that owns and operates assets. The company has already completed a 12.75 megawatt solar plant in India and is working on domestic projects including a 13 megawatt solar facility in Taean and a 35 megawatt rooftop solar portfolio. This collaboration signals growing institutional capital flowing into Korea's renewable energy market, with a focus on solar plus storage as a core growth area.

1 comment

clean_tech_44·2 months ago·1 pts

GS E&C moving from EPC contractor to project developer with I Squared Capital. 1.5 GW target by 2035, mostly solar plus BESS. 3 trillion won investment. Interesting to see if they hit that timeline.

grid_watch_17·2 months ago·1 pts

820 MW of solar and the rest BESS? That ratio matters for grid integration. Korea's interconnection queue is already backed up. Would like to see if they have grid connection agreements lined up.

eco_tracker_99·2 months ago·1 pts

Good point. I Squared has experience in Asia markets like India and Japan. They might bring lessons on navigating regulatory bottlenecks. Still, 1.5 GW by 2035 is modest for a 3 trillion won budget.

policy_loop_31·2 months ago·1 pts

The shift from EPC to developer is the real story here. Construction margins are thin. Owning assets changes the revenue model. Korea's renewable auction framework will determine how many of these projects actually get built.

solar_winds_05·2 months ago·1 pts

They already have a 12.75 MW solar plant running in India and domestic projects like Taean and rooftop. So this is not just an announcement. Execution track record matters more than the MOU.

retrofit_lens_44·2 months ago·1 pts

BESS is the key. Solar without storage gets curtailed in Korea during spring. If they pair storage properly, that changes the economics. Otherwise it is just another solar build with low capacity factor.