[Edaily Reporter Lee So-Hyun ] Naver (NAVER(035420)), which is transforming into an artificial intelligence (AI) infrastructure provider, is pursuing a plan to invest in a 216MW solar power generation project and purchase the generated electricity under a long-term agreement. Amid rising power demand at data centers driven by the expansion of AI and cloud computing, this strategy aims to expand the company’s renewable energy procurement base by directly investing in power generation projects and entering into long-term power purchase agreements (PPAs).

Naver announced on the 16th that it has signed a Memorandum of Understanding (MOU) with Gurin Energy, an Asian renewable energy developer, to secure renewable energy for its data centers.

Under this agreement, Naver plans to invest in a portion of the “JINDO Green Solar” project—currently under development by Gurin Energy in JINDO.CO.,LTD, South Jeolla Province—and pursue a long-term power purchase agreement (PPA). The two companies plan to discuss details, including the investment amount and power purchase terms, with the goal of signing a formal contract by the end of this year.

The JINDO.CO.,LTD Green Solar project is a solar power generation project that secured an electricity business license for a total capacity of 216 MW earlier this year. Gurin Energy is responsible for its development and operational management.

Naver plans to purchase the renewable energy generated by the project over the long term and use it to power its AI and cloud infrastructure, including the “Gak Sejong” and “Gak Chuncheon” data centers. The company envisions that this will help meet the growing power demand of its data centers while enhancing the stability of its renewable energy supply.

Securing Renewable Energy Directly Through Equity Investment in Power Generation Projects + PPAs

A key feature of this collaboration is that Naver is moving beyond simply purchasing renewable energy to also investing in the power generation project.

Naver is diversifying its renewable energy procurement methods by combining long-term PPAs with investments in power generation projects. This is intended to secure the power needed for the expansion of its AI data centers more reliably over the medium to long term.

Previously, in April, Naver invested in a stake in a GS Wind Power plant and signed a PPA. At the time, Naver became the first company participating in RE100 in South Korea to secure power by directly investing in a renewable energy generation corporation.

By expanding its investment scope to include this solar project, Naver has also broadened its portfolio of renewable energy sources, encompassing both wind and solar power.

Chae Seon-ju, Head of Strategic Business at Naver, stated, “As the demand for data center power increases with the spread of AI and cloud computing, securing a stable supply of renewable energy is essential for sustainable infrastructure operations.” She added, “Through long-term PPAs and strategic investments, we will strengthen the foundation for the transition to renewable energy in our data centers and continue our efforts to achieve our 2040 carbon-negative goal.”

Asad Rajuk, CEO of Georin Energy, remarked, “We are deeply honored that Naver has placed its trust in Georin Energy to successfully carry out the JINDO.CO.,LTD Green Solar Project.” He added, “We will support Naver’s expansion of renewable energy while also contributing to South Korea’s energy transition and the achievement of its carbon neutrality goals.”

Since declaring its “Carbon Negative by 2040” goal in 2020, Naver has been promoting energy efficiency and the transition to renewable energy in its data centers. The company is reducing greenhouse gas emissions generated during electricity consumption by utilizing various power sources, including solar, small-scale hydroelectric, and wind power.