I Squared Completes Sale of Largest Solar Platform in Taiwan to Marubeni

I Squared Capital has completed the sale of Chenya Energy, the largest solar platform in Taiwan, to Japanese firm Marubeni Corporation.

I Squared Capital, through its ISQ Global Infrastructure Fund I, has completed the sale of Chenya Energy to Marubeni Corporation. Chenya Energy is a dedicated solar development, construction and operating platform in Taiwan and was a wholly-owned subsidiary of Asia Cube Energy, a pan-Asian renewable portfolio company founded by I Squared Capital in 2017.

“In three years under I Squared Capital’s stewardship, Chenya Energy grew from 2.3 to 344.4 megawatts 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,” said Gautam Bhandari, Managing Partner at I Squared Capital. “This is I Squared Capital’s third platform realisation in emerging markets and adds to our track record of creating value for our investors through building world-class infrastructure growth companies that are highly valued by strategic buyers. I Squared Capital remains active in looking for attractive opportunities around the world.”

ISQ Global Infrastructure Fund I portfolio has realized approximately USD 1.8 billion in equity value from its platforms alone. Other platform realizations include Kendall Green Energy (a cogeneration facility in Cambridge, Massachusetts) to Veolia, Cube Hydro (one of the largest independent hydroelectric companies in the U.S.) to Ontario Power Generation, Lincoln Clean Energy (a leading onshore wind developer in the U.S. with 800 megawatts) to Ørsted, and Amplus Solar (the preeminent provider of rooftop solar systems for the Indian commercial and industrial market with over 344 megawatts) to Petronas.

In February, we had first reported that I Squared Capital, through its ISQ Global Infrastructure Fund I, had entered into an agreement to divest its entire stake in Chenya Energy to the Japanese firm.

In April 2019, the firm had 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.