I Squared Announces Launch of Radiant Energy Solutions

I Squared Capital (“I Squared”), a leading global infrastructure investment manager, announced today the launch of Radiant Energy Solutions (“Radiant”), an investment from I Squared’s Middle East infrastructure strategy, which is focused on targeting transformational, mid-market investments in the region.

Reflecting I Squared’s platform-building approach of starting with a core initial investment and scaling over time to build market-leading businesses, Radiant marks the firm’s entry into the Middle East distributed renewables market, providing decarbonization solutions to commercial and industrial customers. The investment for Radiant is the acquisition of FAS Renewables and its 100% owned subsidiary Zahra Energy, a Saudi Arabia–based distributed solar company with a secured and advanced portfolio of over 100MWp of distributed solar projects with established customers and long-term contracted solar power purchase agreements. These include Cenomi Centers, an owner, operator, and developer of shopping centers in Saudi Arabia.

I Squared has committed US$150 million¹ to support Radiant’s growth, with the ambition to deliver more than 1GW of behind-the-meter renewable energy, storage, and other energy transition solutions across the Gulf Cooperation Council (“GCC”). This investment positions Radiant as one of the leading developers of decarbonization solutions in Saudi Arabia and brings together an experienced local management team with I Squared’s global platform-building expertise. The Radiant platform joins I Squared’s growing portfolio of global renewable energy investments, which includes more than 10,000 MW of renewable capacity.

Sadek Wahba, Chairman and Managing Partner, I Squared Capital said: “The Middle East is one of the most dynamic infrastructure markets globally, underpinned by strong economic growth, an ambitious energy transition agenda, and a clear commitment to private sector participation.”

Harsh Agrawal, Senior Partner, I Squared Capital, said: “The launch of Radiant Energy Solutions represents an important milestone for I Squared and reflects our conviction in the region’s long-term fundamentals. Through Radiant, we are bringing I Squared’s global energy expertise to support the Gulf’s transition toward more efficient, resilient, and sustainable energy systems.”

Radiant’s strategy is anchored in the rapidly growing demand for distributed energy solutions across the GCC, driven by policy tailwinds, rising power consumption, and the increasing focus of commercial and industrial customers on cost savings and sustainability. The platform is designed to scale organically and through acquisitions, offering solar, storage, and other energy transition technologies tailored to regional market needs.

The launch of Radiant builds on I Squared’s established and growing presence in the Middle East supported by its office in Abu Dhabi and the planned opening of its office in Riyadh. In 2025, I Squared further deepened its regional engagement by signing memorandums of understanding with The Arab Energy Fund (“TAEF”) and the Public Investment Fund (“PIF”), underscoring a shared ambition to accelerate sustainable infrastructure across the region.

About I Squared Capital

I Squared Capital is a leading global infrastructure investor managing $50 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. The I Squared portfolio includes over 96 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure. Headquartered in Miami, its team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

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1 Represents earmarked capital, subject to terms and conditions

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