Global infrastructure investment management firm I Squared Capital has closed the sale of its solar platform Chenya Energy in Taiwan to Japanese company Marubeni.
As a wholly-owned subsidiary of Asia Cube Energy, Chenya Energy was engaged in solar development, construction and operating the platform in Taiwan.
Asia Cube Energy is a pan-Asian renewable portfolio company, which was established by I Squared Capital in 2017.
I Squared Capital managing partner Gautam Bhandari said: “In three years under I Squared Capital’s stewardship, Chenya Energy grew from 2.3 to 344.4MW 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.”
The deal was executed through I Squared Capital’s ISQ Global Infrastructure Fund I for an undisclosed sum.
ISQ Global Infrastructure Fund I portfolio has realised around $1.8bn in equity value from only its platforms.
Bhandari further added: “This is I Squared Capital’s third platform realization 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.”
The deal was first announced in February this year after Marubeni executed a share purchase agreement to acquire Chenya Energy from I Squared Capital.
As part of the share purchase agreement, Marubeni agreed to acquire Chenya and its solar power generation assets, including a floating solar power plant.
The acquisition gives Marubeni expertise in the floating solar power business and continue to improve its renewable energy development capabilities