I Squared Capital has sold Chenya Energy, a dedicated solar development, construction and operating platform in Taiwan, to Marubeni Corp. Financial terms were not disclosed.
Chenya Energy was a wholly owned subsidiary of Asia Cube Energy, a Pan-Asian renewable portfolio company founded by I Squared Capital in 2017. The deal was made through the ISQ Global Infrastructure Fund I.
“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,” said 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.”
The sale marks I Squared Capital’s third platform realization in emerging markets. The firm said it is actively looking for attractive opportunities around the wo
