I Squared Capital has closed a $600 million single-asset continuation vehicle for Inkia Energy, a Peruvian power-generation company.
The continuation vehicle was executed as part of a co-control transaction alongside a direct merger and acquisition (M&A) process, according to Campbell Lutyens, which advised I Squared on the vehicle’s closing.
Following a previous announcement in February, CPP Investments has now acquired a direct 50 percent stake in Inkia, with the continuation vehicle acquiring the remaining 50 percent stake in the business. Earlier reports placed the value of CPP Investments’ stake at $3.4 billion. According to Campbell Lutyens, the valuation established through the direct sale process subsequently served as the pricing mechanism for the continuation vehicle.
Inkia operates 2.6 gigawatts of generation capacity and supplies around one-quarter of Peru’s electricity capacity. The company plays a critical role in supporting Peru’s ener
