I Squared Capital Launches Radiant Energy With US$150 Mn For The Middle East

I Squared Capital, a global infrastructure investment manager, has launched Radiant Energy Solutions, marking its entry into the Middle East distributed renewables market. Radiant is an investment from I Squared’s Middle East infrastructure strategy, which focuses on mid-market investments aimed at building market-leading businesses over time. The launch reflects I Squared’s approach of starting with a core investment and expanding it to create significant impact in the region.

Radiant Energy Solutions was formed through the acquisition of FAS Renewables and its wholly owned subsidiary, Zahra Energy, a Saudi Arabia–based distributed solar company. Zahra Energy has a secured portfolio of over 100 MWp of distributed solar projects with established customers and long-term power purchase agreements. Notable clients include Cenomi Centers, a developer and operator of shopping centers in Saudi Arabia. I Squared has committed US$150 million to support Radiant’s growth, with plans to deliver over 1 GW of behind-the-meter renewable energy, energy storage, and other solutions across the Gulf Cooperation Council countries. This positions Radiant as a leading provider of decarbonization solutions in Saudi Arabia while combining local management experience with I Squared’s global expertise.

Sadek Wahba, Chairman and Managing Partner at I Squared Capital, highlighted the Middle East as one of the most dynamic infrastructure markets, driven by strong economic growth, a focus on energy transition, and private sector involvement. Harsh Agrawal, Senior Partner at I Squared, said the launch of Radiant Energy Solutions is a significant step, emphasizing the firm’s confidence in the region’s long-term growth and its commitment to supporting the Gulf in achieving more efficient and sustainable energy systems.

Radiant’s strategy targets the increasing demand for distributed energy solutions across the GCC. The growth is supported by government policies, rising electricity consumption, and a stronger focus among commercial and industrial customers on cost savings and sustainability. Radiant plans to expand both organically and through acquisitions, offering solar, storage, and other energy transition technologies that meet regional market needs.

The establishment of Radiant Energy Solutions also strengthens I Squared’s presence in the Middle East. The company already has an office in Abu Dhabi and plans to open an office in Riyadh. In 2025, I Squared enhanced its regional engagement by signing memorandums of understanding with The Arab Energy Fund and Saudi Arabia’s Public Investment Fund, reflecting a shared commitment to accelerating sustainable infrastructure development across the region.

Through Radiant, I Squared aims to bring its global renewable energy experience to the Middle East while supporting the region’s transition to cleaner, more resilient, and sustainable energy systems. The investment underscores the growing role of private sector participation in driving the GCC’s energy transition and meeting long-term sustainability goals.