I Squared Capital Launches Radiant Energy Solutions to Accelerate Distributed Renewables Across the Gulf
I Squared Capital (“I Squared”), one of the world’s leading global infrastructure investment managers, has announced the launch of Radiant Energy Solutions (“Radiant”), marking a significant expansion of the firm’s footprint in the Middle East energy transition landscape. Established through I Squared’s Middle East–focused infrastructure strategy, Radiant is designed to deliver scalable, distributed renewable energy and decarbonization solutions to commercial and industrial customers across the Gulf Cooperation Council (GCC).
The launch of Radiant reflects I Squared’s long-standing platform-building investment philosophy, which emphasizes establishing a strong foundational business and systematically scaling it into a market-leading enterprise. With this investment, I Squared formally enters the Middle East’s rapidly growing distributed renewables market—an area of increasing strategic importance as governments and businesses across the region pursue ambitious sustainability, energy efficiency, and decarbonization goals.
Strategic Entry Through a Proven Solar Platform
Radiant’s initial platform investment is the acquisition of FAS Renewables and its wholly owned subsidiary Zahra Energy, a Saudi Arabia–based distributed solar developer with a robust and advanced project pipeline. Zahra Energy has secured and developed more than 100 megawatts peak (MWp) of distributed solar projects, supported by long-term power purchase agreements (PPAs) with established commercial customers.
Among Zahra Energy’s notable customers is Cenomi Centers, one of Saudi Arabia’s leading owners, operators, and developers of shopping centers. The presence of such high-quality counterparties highlights the growing appetite among large commercial and industrial players in the Kingdom for reliable, cost-effective, and low-carbon energy solutions.
By anchoring Radiant’s launch around an experienced local team and an advanced portfolio of contracted assets, I Squared gains immediate operational scale and market credibility in Saudi Arabia—widely regarded as the GCC’s largest and most influential energy market.
$150 Million Commitment and a 1GW Ambition
To support Radiant’s expansion, I Squared has committed US$150 million of capital, with the ambition to deploy more than 1 gigawatt (GW) of behind-the-meter renewable energy, energy storage, and complementary energy transition solutions across the GCC. This commitment positions Radiant as one of the most well-capitalized platforms focused on distributed decarbonization solutions in the region.
Radiant’s offering extends beyond rooftop and on-site solar generation. The platform is expected to integrate battery storage, energy management systems, and other emerging technologies designed to enhance grid resilience, reduce peak demand charges, and improve overall energy efficiency for customers. These solutions are particularly relevant in the GCC, where electricity demand continues to rise due to population growth, urbanization, industrial expansion, and increasing cooling requirements.
Addressing a Growing Market Opportunity
The GCC distributed energy market is experiencing strong structural tailwinds. Governments across the region have introduced regulatory reforms, renewable energy targets, and private-sector participation frameworks aimed at diversifying energy systems and reducing dependence on hydrocarbons. At the same time, commercial and industrial customers are increasingly motivated by a combination of rising power consumption, cost optimization pressures, and sustainability commitments aligned with global ESG standards.
Radiant is designed to address this demand through a flexible and scalable business model. The platform will pursue organic growth by developing new projects for existing and new customers, while also exploring strategic acquisitions to expand its geographic reach, technology offerings, and customer base across GCC markets.
Leveraging Global Expertise with Local Execution
Radiant brings together the strengths of an experienced local management team with I Squared’s global infrastructure investment and operational expertise. With a portfolio that includes more than 10,000 megawatts of renewable energy capacity worldwide, I Squared has deep experience in building, scaling, and operating energy platforms across diverse regulatory and market environments.
Sadek Wahba, Chairman and Managing Partner of I Squared Capital, emphasized the strategic importance of the region, noting that the Middle East represents one of the most dynamic infrastructure markets globally. He highlighted the combination of strong economic growth, ambitious national energy transition agendas, and increasing openness to private capital as key drivers underpinning long-term investment opportunities.
Harsh Agrawal, Senior Partner at I Squared Capital, described the launch of Radiant as a milestone for the firm’s Middle East strategy. He underscored I Squared’s conviction in the region’s fundamentals and its belief that distributed energy solutions will play a critical role in delivering more efficient, resilient, and sustainable energy systems across the Gulf.
Deepening Regional Engagement
The establishment of Radiant builds on I Squared’s expanding presence in the Middle East. The firm currently operates from its office in Abu Dhabi and plans to open an office in Riyadh, further strengthening its on-the-ground capabilities and regional relationships.
In 2025, I Squared deepened its engagement with key regional stakeholders by signing memorandums of understanding with The Arab Energy Fund (TAEF) and Saudi Arabia’s Public Investment Fund (PIF). These agreements reflect a shared ambition to accelerate investment in sustainable and transformative infrastructure projects across the region, including energy transition assets.
A Platform for the Energy Transition
As governments and businesses across the GCC seek to balance economic growth with sustainability objectives, distributed renewable energy is expected to play an increasingly important role. By reducing reliance on centralized generation, lowering emissions, and improving energy efficiency at the point of consumption, solutions like those offered by Radiant can deliver tangible environmental and economic benefits.
With strong initial assets, committed capital, and a clear growth strategy, Radiant Energy Solutions is positioned to become a leading force in the Middle East’s distributed renewables sector. For I Squared Capital, the platform represents not only a new investment, but a long-term commitment to supporting the region’s transition toward a more diversified, resilient, and sustainable energy future.
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