Chenya Energy was a wholly owned subsidiary of Asia Cube Energ that is a pan-Asian renewable portfolio company

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I Squared Capital completes sale of Chenya Energy to Marubeni. (Credit: Pixabay/Adam Radosavljevic)

US-based private equity firm I Squared Capital has announced that it has completed the sale of Chenya Energy to a Japanese company, Marubeni.

The financial details of the transaction are not disclosed by I Squared Capital.

The transaction follows an agreement signed by Marubeni to acquire the stake in Chenya Energy in February this year.

Chenya Energy develops, builds and operates solar projects in Taiwan and currently has 344.4MW capacity of floating, ground-mounted and rooftop projects.

Previously, the firm was a wholly owned subsidiary of Asia Cube Energ that is a pan-Asian renewable portfolio company, which was founded by I Squared Capital in 2017.

The transaction completed through ISQ Global Infrastructure Fund I

I Squared Capital managing partner Gautam Bhandari said: “In three years under I Squared Capital’s stewardship, Chenya Energy grew from 2.3 to 344.4 megawatts 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.

“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.”

I Squared Capital has completed the transaction through ISQ Global Infrastructure Fund I, which has realized approximately $1.8bn in equity value from its platforms alone

Other platform realized by the fund include Kendall Green Energy ,a cogeneration facility in Cambridge, Massachusetts, to Veolia, Cube Hydro, one of the largest independent hydroelectric companies in the US, to Ontario Power Generation, and Lincoln Clean Energy to Ørsted.