I Squared Capital, along with its portfolio company Low Carbon Infrastructure (LCI), has entered a clean power partnership with Google.
The collaboration aims to develop Broadwing Energy, a cogeneration power plant with a more than 400MW capacity.
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The plant will feature integrated carbon capture and sequestration (CCS) technology.
This initiative marks the first corporate offtake agreement for a CCS-enabled power plant.
The project will capture and permanently store more than 90% of its CO₂ emissions while generating 400MW of clean energy.
Mitsubishi Power will supply the M501JAC gas turbine for the project.
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By GlobalDataI Squared global chief investment officer and managing partner Gautam Bhandari stated: “This partnership underscores how private investment, technology innovation and corporate energy demand can come together to deliver scaleable climate solutions. At I Squared, we are focused on building the next generation of clean, reliable, and resilient infrastructure — and Broadwing Energy is a defining example of that mission.”
Low Carbon Infrastructure CEO Jonathan Wiens stated: “Broadwing demonstrates that carbon capture can be commercially viable today. Working alongside I Squared and Google, we’re proving that low-carbon power can be both affordable and reliable, while driving job creation and community investment.”
The power plant will be developed on an existing site in Decatur, Illinois, operated by Archer Daniels Midland (ADM), which has a ten-year track record of safe CO₂ sequestration.
The captured CO₂ will be compressed and injected into ADM’s EPA Class VI approved wells, ensuring permanent storage deep underground.
Kiewit Power Constructors is leading the engineering, procurement and construction services, with project financing set to reach a final investment decision by the second quarter (Q2) of 2026. Commercial operations are targeted for 2030.
The plant’s construction will create 650 union craft labour positions and 100 roles in construction management and support staff over its four-year build period, with dozens of permanent jobs following its completion.
Broadwing Energy is the first of several CCS-enabled facilities under development by I Squared and LCI, which are part of a strategy to expand clean, firm generation capacity in North America and aid in the decarbonisation of heavy industry.
Google head of advanced energy Michael Terrell stated: “By entering into this agreement with LCI, we hope to help prove and scale a valuable source of clean, firm power. We’re excited to support LCI in their pioneering efforts, both at Broadwing Energy and across the broader portfolio they are developing in the U.S.”
In October 2025, Ardian signed a definitive agreement to acquire 100% of Energia Group from I Squared Capital.
