Naver cooperates with Georin Energy... Target to conclude main contract by the end of this year

Naver is collaborating with Geolin Energy, an Asian renewable energy developer, to secure renewable energy needed to operate a data center.

Naver announced on the 16th that it signed a memorandum of understanding (MOU) with Georin Energy to cooperate in the procurement of renewable energy for data centers.

The two companies are pursuing a partial equity investment from Naver and signing a long-term power purchase agreement (PPA) for the 'Jindo Green Solar Power' project in Jindo, Jeollanam-do, which is being developed by Georin Energy.

We plan to discuss detailed terms with the goal of concluding the main contract at the end of this year.

Jindo Green Solar Power is a solar power generation project with a total capacity of 216MW, and received electricity business permission early this year.

Georin Energy will be in charge of development and operation management, and Naver plans to purchase renewable energy produced here for a long period of time and use it to operate AI and cloud infrastructure such as Sejong and Chuncheon data centers.

Naver is diversifying its renewable energy procurement methods through a combination of long-term PPA and project equity investment, while also preparing for increased demand for data center power due to the spread of AI and cloud.

Chae Seon-joo, head of Naver's strategic business, said, "We will strengthen the foundation for renewable energy conversion in data centers through long-term PPA and strategic investments and continue our efforts to achieve the 2040 carbon negative goal."

Asad Razouk, CEO of Georin Energy, said, "We will support Naver's expansion of renewable energy while also contributing to Korea's energy transition and achieving carbon neutrality goals."