I Squared Capital has launched a Middle East mid-market infrastructure platform with an initial $150m (€128.3m) commitment.
As a seed investment, the new platform, Radiant Energy Solutions, has acquired Saudi Arabia–based FAS Renewables and its subsidiary Zahra Energy, which holds a 100MWp portfolio of distributed solar projects.
The Radiant platform represents I Squared’s entry into the Middle East distributed renewables, focusing on providing decarbonisation services to commercial and industrial customers.
I Squared said its capital commitment will support Radiant’s growth plan to deliver more than 1GW of behind-the-meter renewable energy, storage, and other energy transition solutions across the Gulf Cooperation Council.
Radiant is expected to scale organically and through acquisitions, offering solar, storage and other energy transition technologies.
Sadek Wahba, chairman and managing partner, I Squared Capital, said: “The Middle East is one of the most dynamic infrastructure markets globally, underpinned by strong economic growth, an ambitious energy transition agenda, and a clear commitment to private sector participation.”
Harsh Agrawal, senior partner, I Squared Capital, said: “The launch of Radiant Energy Solutions represents an important milestone for I Squared and reflects our conviction in the region’s long-term fundamentals.
“Through Radiant, we are bringing I Squared’s global energy expertise to support the Gulf’s transition toward more efficient, resilient, and sustainable energy systems.”
Radiant joins I Squared’s global renewable energy portfolio, which now exceeds 10,000MW of total capacity.
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