I Squared Ignites Middle East Solar with Radiant Energy Platform

MIAMI & ABU DHABI, United Arab Emirates – January 22, 2026 – Global infrastructure investment manager I Squared Capital has officially launched Radiant Energy Solutions, a new platform aimed at accelerating the adoption of distributed renewable energy across the Middle East. The launch is backed by a US$150 million commitment and anchored by the strategic acquisition of FAS Renewables, a Saudi Arabia–based distributed solar company.

The move marks I Squared’s formal entry into the region's burgeoning commercial and industrial (C&I) decarbonization market. Radiant Energy Solutions is tasked with an ambitious goal: to deliver more than 1 gigawatt (GW) of behind-the-meter renewable energy, storage, and other energy transition solutions across the Gulf Cooperation Council (GCC). The new entity joins I Squared's formidable global renewable energy portfolio, which already exceeds 10,000 megawatts (MW) of capacity.

A Region Primed for a Green Transition

I Squared’s investment arrives at a pivotal moment for the Middle East. The region is undergoing a profound economic transformation, underpinned by ambitious national strategies and a growing imperative to diversify away from fossil fuels. This has created what I Squared’s leadership describes as a uniquely dynamic infrastructure market.

"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," said Sadek Wahba, Chairman and Managing Partner at I Squared Capital, in a statement announcing the launch.

This dynamism is fueled by significant policy tailwinds. Saudi Arabia's Vision 2030 and the UAE's Net Zero by 2050 initiative are not just high-level aspirations; they are translating into tangible projects and regulatory reforms. Governments are actively courting private and foreign investment to achieve their goals, with Saudi Arabia targeting 70% of its renewable energy from projects like the Sudair Solar Plant by 2030, and the UAE planning to mandate solar panels on all buildings. These reforms have been crucial in de-risking investments and attracting major international players like I Squared.

Powering Progress for Gulf Businesses

Radiant Energy Solutions is strategically positioned to address the rapidly growing demand from commercial and industrial customers for greater control over their energy costs and carbon footprint. The platform's focus on "behind-the-meter" solutions—power generation systems located on the customer's property—offers businesses a direct path to cost savings, energy independence, and enhanced sustainability credentials.

The initial investment for Radiant is the acquisition of FAS Renewables and its subsidiary, Zahra Energy. This provides the new platform with an immediate, advanced portfolio of over 100MWp of distributed solar projects in Saudi Arabia. These projects come with established customers and long-term contracted solar power purchase agreements, providing a stable revenue base from day one. A key client highlighted is Cenomi Centers, a major owner and operator of shopping centers in the Kingdom, illustrating the tangible application of these solutions in the commercial sector.

Radiant's strategy is designed for aggressive growth. It plans to scale its operations both organically, by developing new projects, and through further strategic acquisitions across the GCC. The platform will offer a suite of tailored technologies, including solar, battery storage, and other energy transition solutions designed to meet the specific needs of the regional market.

I Squared's Platform-Building Blueprint

The launch of Radiant is a classic example of I Squared Capital’s signature platform-building investment philosophy: acquiring a core asset and using it as a foundation to build a market-leading business. This approach allows the firm to combine its global expertise and financial muscle with deep local market knowledge.

"The launch of Radiant Energy Solutions represents an important milestone for I Squared and reflects our conviction in the region’s long-term fundamentals," noted Harsh Agrawal, Senior Partner at I Squared Capital. "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."

This move is part of a much broader and deeper engagement with the region. I Squared already operates an office in Abu Dhabi and has announced plans to open a new office in Riyadh in 2025. This expansion is designed to capture opportunities not only in energy transition but also in digital infrastructure and transportation, all key pillars of Saudi Arabia's Vision 2030.

Further cementing its regional commitment, I Squared signed significant memorandums of understanding (MoUs) in 2025 with two of the region's most powerful financial entities. An MoU with Saudi Arabia's Public Investment Fund (PIF) aims to co-develop an infrastructure investment strategy, while a separate agreement with The Arab Energy Fund (TAEF) will focus on energy infrastructure across the wider Middle East and North Africa region, with TAEF serving as an anchor investor. These partnerships provide I Squared with unparalleled access and strategic alignment with national development goals.

Navigating a Competitive and Evolving Market

Radiant Energy Solutions enters a market that, while nascent in the distributed generation space, features formidable players in the broader energy sector. Regional renewable energy champions like the UAE's Masdar and Saudi Arabia's ACWA Power are major developers of utility-scale projects, often backed by the financial might of national oil companies that are themselves diversifying into clean energy.

However, Radiant's specific focus on the C&I, behind-the-meter market provides a distinct niche. While large-scale solar farms capture headlines, the distributed energy sector is critical for empowering individual businesses to participate directly in the energy transition. By providing tailored, on-site solutions, Radiant can offer a value proposition that is distinct from utility-scale power generation. The platform's success will depend on its ability to navigate local regulations, manage complex supply chains, and deliver cost-effective and reliable energy solutions that meet the unique demands of a diverse commercial and industrial client base across the Gulf. With a $150 million war chest and the backing of a seasoned global infrastructure investor, Radiant is well-equipped to become a dominant force in this critical and rapidly expanding segment of the Middle East's green economy.