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AI & Enterprise

Meta to tap space solar power to secure round-the-clock electricity for data centres

Meta will invest in space-based solar power transmission technology to secure night-time electricity for its data centres. It signed a power capacity reservation agreement of up to 1 gigawatt with startup Overview Energy, its first major demand contract. Meta data centres used more than 18,000 gigawatt hours of electricity in 2024. Overview Energy plans to collect solar energy via satellites and send it as near-infrared beams to ground solar plants.

Finance

Shinhan Bank expands productive finance cooperation with OCI Holdings

Shinhan Bank said on Tuesday it signed a business agreement with OCI Holdings at OCI Building in central Seoul to expand support for productive finance and joint cooperation for future growth. The agreement aims to widen financial backing for sectors such as semiconductors, advanced materials and solar power. The two sides plan to pursue financing and arranging support for facility investment and working capital, and cooperate on building a global solar value chain. It also includes green finance to support ESG management and carbon neutrality.

Games & Commerce

Naver to buy 30 percent stake in GS Wind Power, signs 25-year direct PPA

Naver said on Tuesday it will acquire a 30 percent stake in GS Wind Power and sign a direct renewable power purchase agreement. The deal is the first case in South Korea in which a RE100 member invests directly in a renewable power generation company to secure energy. The wind farm under construction in Yeongyang, North Gyeongsang Province is to supply electricity to Naver’s Sejong and Chuncheon data centres from commercial operations starting in the first half of 2028.