Naver and Gurīn Energy Sign MOU for 216MW Jindo Solar PPA and Equity Investment
Gurīn Energy and Naver signed a Memorandum of Understanding (MOU) on September 16, 2026, to develop the 216MW Jindo Green Solar project as a renewable energy source for Naver's AI and cloud infrastructure, with Naver planning an equity investment and long-term Power Purchase Agreement (PPA).
Our take
How will Naver secure renewable energy for its expanding AI and cloud infrastructure in Korea?
Naver's proposed equity investment and long-term PPA for Gurīn Energy's 216MW Jindo solar project represent a strategic shift towards direct procurement and integration of renewable energy assets to mitigate the escalating power demand and supply risks for its AI and cloud data centers.
Naver's dual approach of equity investment and long-term PPA for the Jindo Green Solar project directly links its growing data center load to a dedicated renewable generation source. This strategy provides Gurīn Energy with a stable demand off-taker, de-risking project development, while allowing Naver to secure a predictable, green power supply. This move helps Naver meet its 2040 Carbon Negative target and reduces exposure to volatile grid prices and potential supply constraints for conventional power.
What the source says
- Naver plans to acquire a partial equity stake in the Jindo Green Solar project.
- Naver plans to pursue a long-term Power Purchase Agreement (PPA) for the electricity generated by the Jindo Green Solar project.
- The Jindo Green Solar project secured its electricity business license in early 2026.
- Data center power demand is increasing due to the expansion of AI and cloud services.
- Chae Seon-ju Naver's strategic representative stated that stable renewable energy supply is essential for sustainable digital infrastructure operations due to increasing data center power demand from AI and cloud services.
- Assaad Razzouk Gurīn Energy's CEO stated that the collaboration demonstrates the increasingly close connection between energy transition and digital transformation in Asia.
- Assaad Razzouk Gurīn Energy's CEO highlighted that solar and wind power reduce reliance on fuel imports, international supply chains, and price volatility, contributing to energy independence.
For investors — For investors, this signals a growing trend of direct corporate engagement in renewable energy project finance and off-take in Korea, driven by increasing data center demand and corporate sustainability targets. Developers can find more stable demand and investment for their projects, reducing market risk.
Watch: Monitoring the finalization of the equity investment and long-term PPA between Naver and Gurīn Energy for the Jindo Green Solar project.
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