Naver is seeking a stake investment and a long-term power purchase agreement (PPA) for a 216 MW solar power project to meet electricity demand from its AI and cloud data centres.

Naver said on Sept. 16 it signed a memorandum of understanding (MOU) with Asian renewable energy developer Gurin Energy to secure renewable power for data centres.

The companies will cooperate on the "Jindo Green Solar" project in Jindo, Jeonnam Gwangju Integrated Special Self-Governing City, which Gurin Energy is developing. Naver is pursuing a plan to invest in part of the project and sign a long-term PPA.

They plan to discuss detailed conditions such as investment size and electricity purchases, aiming to sign a definitive agreement by the end of this year.

Jindo Green Solar is a solar power project that secured an electricity business permit for a total capacity of 216 MW earlier this year. Gurin Energy will oversee project development and operational management, while Naver plans to buy the renewable energy produced there over the long term and use it to run AI and cloud infrastructure at data centres such as Gak Sejong and Gak Chuncheon.

Naver is expanding the ways it procures renewable energy for its data centres by combining stake investments in generation projects with PPAs. In April it invested in a stake in a GS wind power plant and signed a PPA.

Chae Sun-joo (채선주), head of strategic business at Naver, said, "As electricity demand at data centres increases with the spread of AI and cloud, securing stable renewable energy is an essential task for sustainable infrastructure operations." She added, "We will strengthen the foundation for data centres' transition to renewable energy through long-term PPAs and strategic investments, and continue efforts to achieve our 2040 carbon negative goal."

Asad Razzouk (아사드 라주크), head of Gurin Energy, said, "We find it meaningful that Naver has shown trust in Gurin Energy for the successful продвижение of the Jindo Green Solar project." He added, "We will support Naver's expansion of renewable energy while also contributing to achieving South Korea's energy transition and carbon neutrality goals."

Naver has been pursuing improved energy efficiency and a shift to renewable energy at its data centres since declaring its "2040 carbon negative" goal in 2020. It is expanding the ways it procures renewable energy, including solar, small hydropower and wind.