Miami-based private equity firm I Squared Capital has agreed to sell its hydropower platform, Cube Hydro, comprised of Cube Hydro Partners and its affiliate Helix Partners, to Ontario Power Generation (OPG) for an undisclosed sum.
The platform owns 385 megawatts of hydro capacity on 10 river systems in five states, with 19 small to mid-sized, run-of-the-river and peaking hydro plants.
The transaction marks the third portfolio company realization in the past 12 months, with a total of more than $2.8 billion in realized enterprise value, according to Sadek Wahba, chairman and managing partner of I Squared Capital.
I Squared Capital previously sold Lincoln Clean Energy, an 800-megawatt onshore wind developer in the United States to Ørsted, and Amplus Solar, a 344-megawatt rooftop solar system provider for the Indian commercial and industrial market, to Petronas.
The transaction is expected to close in the coming months, following standard regulatory approvals.
