I Squared Capital to Sell its Largest Solar Portfolio in Taiwan to Marubeni

An independent global infrastructure investment manager I Squared Capital, through its ISQ Global Infrastructure Fund I, has entered into an agreement to divest its entire stake in Chenya Energy to Japanese firm Marubeni Corporation.

Chenya Energy, which is currently building the world’s largest floating solar project, is a dedicated solar development, construction and operating company in Taiwan.

The company, having the largest solar portfolio in Taiwan, is a wholly-owned subsidiary of Asia Cube Energy, a pan-Asian renewable energy company founded by I Squared Capital in 2017.

Commenting on the development, Gautam Bhandari, Managing Partner at I Squared Capital, said that “in 3 years under I Squared Capital’s stewardship, Chenya Energy grew from 2.3 to 344.4 MW of solar capacity across multiple technologies, including floating, ground-mounted and rooftop solutions. The company is currently building the world’s largest floating solar project and has grown rapidly to become the largest solar platform in Taiwan.”

“This is I Squared Capital’s third platform realization in emerging markets and adds to our consistent track-record of creating value for our investors through building world-class infrastructure growth companies that are highly valued by strategic buyers,” Bhandari added.

ISQ Global Infrastructure Fund I portfolio has realized about USD 1.8 billion in equity value from its platforms alone.

However, the company didn’t disclose the deal amount.

Last year in April, I Squared Capital sold 100 percent stake in Amplus Energy Solutions Pte Ltd, a leading Singapore-based company with a portfolio of distributed, renewable energy assets in Asia, to Petroliam Nasional Berhad (Petronas), Malaysia’s fully integrated oil and gas major.

It’s other portfolio realisations include Kendall Green Energy, a cogeneration facility in Massachusetts, to Veolia; Cube Hydro, one of the largest independent hydroelectric companies in the US, to Ontario Power Generation; and Lincoln Clean Energy, a leading onshore wind developer in the US with 800 MW capacity, to Ørsted.

I Squared Capital is mainly focusing on energy, utilities, telecom, transport and social infrastructure in the Americas, Europe and Asia with offices in Hong Kong, London, Miami, New Delhi, New York and Singapore.