I Squared Capital, a leading global infrastructure investment manager, announced the launch of Radiant Energy Solutions (“Radiant”), an investment aligned with I Squared’s Middle East infrastructure strategy, which primarily targets transformative investments in the mid-market in the region.
Reflecting I Squared’s approach of building a platform by starting with a basic initial investment and then scaling over time to create market-leading businesses, Radiant marks the company’s entry into the Middle East’s distributed renewable energy market, providing decarbonization solutions to commercial and industrial clients. The investment in Radiant consists of the acquisition of FAS Renewables and its wholly-owned subsidiary Zahra Energy, a Saudi Arabian distributed solar energy company with a secure and advanced portfolio of over 100 MWp of distributed solar projects with established customers and long-term solar power purchase agreements. These include Cenomi Centers, a shopping mall owner, operator, and developer in Saudi Arabia.
I Squared has committed to investing USD 150 million support the growth of Radiant, with the ambition of delivering over 1 GW of renewable energy, storage, and other energy transition solutions across the Gulf Cooperation Council (GCC). This investment positions Radiant as a leading developer of decarbonization solutions in Saudi Arabia and combines an experienced local management team with I Squared’s global platform-building expertise. The Radiant platform joins I Squared’s growing global renewable energy investment portfolio, which includes over 10,000 MW of renewable capacity.
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Sadek Wahba, President and Managing Partner of I Squared Capital, states: “The Middle East is one of the most dynamic infrastructure markets in the world, supported by strong economic growth, an ambitious energy transition agenda, and a clear commitment to private sector participation.”
Harsh Agrawal, Senior Partner at I Squared Capital, said: “The launch of Radiant Energy Solutions represents a significant milestone for I Squared and reflects our belief in the region’s long-term fundamentals. Through Radiant, we are leveraging I Squared’s global energy expertise to support the Gulf’s transition to more efficient, resilient, and sustainable energy systems.”
Radiant’s strategy is based on the rapidly growing demand for distributed energy solutions in the GCC countries, driven by favorable policies, increased electricity consumption, and growing interest from commercial and industrial customers in cost savings and sustainability. The platform is designed to grow both organically and through acquisitions, offering solar, storage, and other energy transition technologies tailored to the needs of the regional market.
The launch of Radiant builds on I Squared’s established and growing presence in the Middle East, supported by its Abu Dhabi office and the planned opening of its Riyadh office. In 2025, I Squared further strengthened its regional commitment by signing Memoranda of Understanding with the Arab Energy Fund (TAEF) and the Public Investment Fund (PIF), underscoring their shared ambition to accelerate the development of sustainable infrastructure across the region.
SOURCE: Businesswire