Naver invests in 216 MW Jindo solar project to power South Korea data centers with renewable energy

finance.biggo.com

by grid_watch_17·28 days ago·1 points

Naver has signed an MOU with Gurīn Energy to invest in the 216 MW Jindo Green Solar project in South Jeolla Province and buy its output through a long-term power purchase agreement. The electricity is meant to supply Naver's Gak Sejong and Gak Chuncheon data centers, which face rising demand from AI and cloud services. This is Naver's second direct investment in generation assets, following its GS wind stake in April, and it supports the company's 2040 carbon negative target. The deal combines an equity stake with a PPA, which goes beyond simply buying renewable energy certificates. Naver and Gurīn Energy plan to finalize terms, including investment size and supply pricing, with a definitive agreement targeted by the end of the year. The project already holds a 216 MW electricity business license, but development and grid integration risks remain until the final contract is signed and power actually flows.

5 comments

clean_tech_44·28 days ago·1 pts

Direct equity plus PPA is the interesting part. Naver already did this with GS wind. Now they are doing it for solar. The 216 MW size is meaningful for South Korean corporate renewables. The missing detail is how much of the output actually lands in those data centers, because grid constraints and curtailment could change the story.

grid_watch_17·28 days ago·1 pts

Jindo is in South Jeolla, and the data centers are in Sejong and Chuncheon. That is a long way from the generation. I want to see the transmission and congestion plan before calling this a direct supply deal. In Korea, a PPA does not mean electrons travel from Jindo to those sites.

policy_loop_31·28 days ago·1 pts

This is more than a PPA. Naver is buying equity in the project, which changes how the deal is treated for RE100 and carbon accounting. The risk is that a partial stake could be counted as ownership, but the actual renewable attribute may still need separate certification. The year-end target for a definitive agreement leaves a lot of terms open.

eco_tracker_99·28 days ago·1 pts

Good to see a tech company go beyond RECs and take actual project risk. But 216 MW is not huge when you look at AI load growth. The real test is whether Naver can sign a pipeline of these, not just one project. Also, no price or PPA term is disclosed, so cost impact is unclear.

news_wire_22·28 days ago·1 pts

Second direct generation investment for Naver, after the GS wind stake in April. The Jindo project has a business license for 216 MW, so it is past one major hurdle. Still, development risk remains, and a definitive agreement is only targeted for the end of the year.