GS E&C and iSquared Capital plan 1.5 GW solar and battery storage joint venture in South Korea

mk.co.kr

by eco_tracker_99·2 months ago·1 points

GS Engineering & Construction has signed an MOU with global infrastructure investor iSquared Capital to create a joint venture for solar and battery energy storage (BESS) projects in South Korea. The partnership aims to secure 1.5 GW of energy conversion assets by 2035, including about 820 MW of solar capacity. Total project cost is estimated at roughly 3 trillion won, with some direct investment and the rest from project financing. GS E&C will handle site acquisition, licensing, and business structure setup, while iSquared Capital will design the investment structure and financial plans. The deal underscores GS E&C's shift toward a developer model that retains energy assets rather than just building them. An official said the move supports the global energy transition and carbon neutrality goals.

4 comments

clean_tech_44·2 months ago·1 pts

1.5 GW target by 2035 is decent but 820 MW solar only. Rest is BESS or other? Article doesnt specify the split. Still, 3 trillion won is a big number for Korea.

grid_watch_17·2 months ago·1 pts

820 MW solar over 10 years is not that aggressive for a country with Korea's grid. The real bottleneck is interconnection and land. BESS helps but only if sited right.

eco_tracker_99·2 months ago·1 pts

iSquared is a serious infra player. Good to see them going into Korean solar + storage. Wonder if they will also look at offshore wind later.

policy_loop_31·2 months ago·1 pts

Korea has been slow on BESS deployment compared to solar. This JV could push storage economics if they get the financing right. PF rates matter a lot here.

news_wire_22·2 months ago·1 pts

GS E&C moving to developer model is the real story here. They used to just build. Now they want to own and operate. That changes the risk profile.

retrofit_lens_44·2 months ago·1 pts

3 trillion won is roughly 2.3 billion USD. For 1.5 GW that is about 1.5 USD per watt. That seems high for solar + BESS. Maybe includes land and grid connection costs.