GS Engineering & Construction said Monday it will partner with US-based infrastructure investment firm I Squared Capital to develop renewable energy and battery energy storage systems in South Korea.
The South Korean builder signed a memorandum of understanding with I Squared Capital to establish a joint venture focused on solar power and energy storage projects.
Through the joint venture, the two companies aim to develop and secure a total of 1.5 gigawatts of energy-transition assets by 2035, including approximately 820 megawatts of solar power generation capacity.
The total project cost is estimated at around 3 trillion won ($1.95 billion). The partners are considering a financing structure that combines direct investment with external funding sources, including project financing.
Under the agreement, GS E&C will oversee project development activities, including site acquisition, permitting and project structuring, while I Squared Capital will be responsible for investment structuring and financing arrangements. (Yonhap)
