Miami-headquartered I Squared Capital has launched a new platform to scale commercial and industrial (C&I) distributed renewable energy solutions across the Middle East.

The infrastructure investment manager has committed $150 million to support the expansion of the Radiant Energy Solutions (Radiant) platform to deploy more than 1 gigawatt (GW) of behind-the-meter renewable energy, battery storage and other energy transition technologies across the Gulf Cooperation Council (GCC).

Radiant will start operations with a portfolio of over 100 megawatt-peak (MWp) of distributed solar projects in Saudi Arabia following the acquisition of FAS Renewables and its subsidiary, Zahra Energy, I Squared Capital said in a statement.

FAS Renewables was previously part of FAS Holding Group.

I Squared’s global renewable energy portfolio comprises more than 10 GW of renewable capacity.

Sadek Wahba, Chairman and Managing Partner of I Squared Capital, said the region’s infrastructure markets are underpinned by strong economic growth, an ambitious energy transition agenda, and a clear commitment to private-sector participation.

I Squared Capital, which has an office in Abu Dhabi, plans to open a new office in Riyadh and grow through organic expansion and acquisitions.

In 2025, the company signed memorandums of understanding (MoUs) with the Arab Energy Fund (TAEF) and Saudi Arabia’s Public Investment Fund (PIF) to accelerate sustainable infrastructure development across the region.

I Squared Capital currently manages $50 billion in assets and has a portfolio of over 96 companies operating across more than 70 countries. The sectors include energy, utilities, digital infrastructure, transport, and environmental and social infrastructure.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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