South Korea's largest internet portal signed a memorandum of understanding with Singapore-based developer Gurīn Energy over the Jindo Green Solar project on Jindo.
The two companies aim to hammer out the details and sign a binding agreement by the end of the year.
Gurīn Energy will lead development and operation of the plant, which secured its electricity business license earlier this year.
Naver will buy the electricity to supply its Gak Sejong and Gak Chuncheon data centers, which run its AI and cloud services.
"As data center power demand rises with the spread of AI and cloud, securing a stable supply of renewable energy is an essential task for sustainable infrastructure," said Chae Seon-ju, Naver's head of strategic business.
Chae said the deal would help the company meet its goal of becoming carbon negative by 2040.
Naver set that target in 2020 and has since sourced power from solar, small hydropower and wind to cut emissions from its electricity use. Pairing an equity stake with a power purchase agreement will further diversify its renewable supply, the company said.
The agreement follows Naver's April deal to acquire a 30 percent stake in a wind farm GS Wind Power is building in Yeongyang County, North Gyeongsang Province, and buy its electricity for 25 years.
Naver said the deal was the first time a South Korean RE100 member had secured renewable power by investing directly in a generating company. RE100 is a global initiative of companies pledging to use only renewable electricity.
AJP Takeaways
- Naver signed an MOU with Singapore-based Gurīn Energy on Sept. 16, 2026, to invest in the 216-megawatt Jindo Green Solar project and sign a long-term power purchase agreement.
- Naver plans to use the solar power at its Gak Sejong and Gak Chuncheon data centers, citing rising electricity demand from AI and cloud services.
- The two companies aim to sign a binding agreement by the end of 2026, as Naver pursues its goal of becoming carbon negative by 2040.
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