GS E&C Partners with U.S. Firm for Renewable Energy Projects in South Korea
Quick Look
GS Engineering & Construction (E&C) Corp. and U.S. infrastructure investor I Squared Capital will form a joint venture to develop 1.5 GW of renewable energy and battery storage in South Korea by 2035, with an estimated cost of $1.95 billion.
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Why It Matters
GS Engineering & Construction (E&C) Corp. and U.S.-based infrastructure investment firm I Squared Capital are partnering to develop renewable energy and battery energy storage systems in South Korea.
SEOUL, June 22 (Yonhap) -- GS Engineering & Construction (E&C) Corp. said Monday it will partner with U.S.-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 (GW) of energy-transition assets by 2035, including approximately 820 megawatts (MW) of solar power generation capacity.
The total project cost is estimated at around 3 trillion won (US$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.
Open Questions
- Specific details of the joint venture structure?
- Timeline for initial project phases?
