I Squared Capital is planning to make its third platform realization in emerging markets. The firm has agreed to sell its stake in Chenya Energy, a dedicated solar development, construction and operating platform in Taiwan, to Marubeni Corp. for an undisclosed price.
Chenya Energy is a subsidiary of Asia Cube Energy, a pan-Asian renewable portfolio company founded by I Squared in 2017. Over the past three years, Chenya Energy grew from 2.3 to 344.4 megawatts of solar capacity, noted Gautam Bhandari, managing partner at I Squared Capital.
“The company is currently building the world’s largest floating solar project and has grown rapidly to become the largest solar platform in Taiwan,” he added.
The deal is taking place through the firm’s ISQ Global Infrastructure Fund I, which has realized $1.8 billion in equity value, according to the firm.
The fund series has been active in other infrastructure markets as of late.
