GS E&C Announces 1.5GW Solar and Energy Storage Project Worth 3 Trillion KRW

en.Wedoany.com Reported - GS E&C has signed a business agreement with global infrastructure investment firm I Squared Capital to establish a joint venture for the development of solar power and battery energy storage system (BESS) projects in South Korea.

The two companies announced on the 22nd that they will develop and secure a total of 1.5GW (gigawatts) of energy conversion assets through the joint venture by 2035, including approximately 820MW (megawatts) of solar power generation assets. The total project cost is estimated at around 3 trillion KRW, with part of it being direct investment and the remainder to be raised through external funds such as project financing (PF).

In this collaboration, GS E&C is responsible for development tasks such as land acquisition, permitting, and project structuring, while I Squared Capital participates in investment structure design and financing plan formulation. GS E&C aims to secure business rights and energy assets by strengthening its "developer-type" business model. A company official stated that it will expand renewable energy businesses, including solar power and energy storage systems, to address global energy transition and carbon neutrality trends.

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