I Squared Capital Expands Its Presence in the Clean Energy Sector with Solar and District Energy Platforms in Asia
I Squared Capital, through its ISQ Global Infrastructure Fund, is pleased to announce the creation of two portfolio companies: Asia Cube Solar, a platform of ground-mounted and rooftop solar farms, and Asia Cube Energy, a platform to develop and operate district energy facilities in China. These investments increase I Squared Capital’s global clean energy portfolio to more than 4,300-megawatts, in operation or under construction, in 13 countries across the Americas, Europe and Asia.“These new platform companies demonstrate our ability to work across geographies to leverage our global operational and investing expertise towards common sectorial opportunities that have very attractive risk-adjusted returns. We now have established solar and/or district energy platforms in the U.S., Latin America, Europe and Asia,” said Gautam Bhandari, Partner at I Squared Capital.
Asia Cube Solar, a wholly-owned renewable energy platform, recently acquired five operating ground-mounted solar farms with 143-megawatts of installed capacity in Shandong province. The facilities operate under a well-established, 20-year feed-in-tariff regulatory framework in China. The company is also developing a healthy pipeline of projects in OECD Asian countries such as Japan and Taiwan.
Asia Cube Energy is a dedicated combined heat and power (CHP) energy management company. Asia Cube Energy helps industrial parks and corporate customers reduce energy costs and carbon emissions by replacing coal boilers with state-of-the-art natural gas systems to provide electricity, steam and chilled water. The company was awarded two exclusive, 30-year concession agreements to design, build and operate CHP facilities at the Maliu Industrial Park in Chongqing province and Si-an county in Zhejiang province. The projects cover over 300 acres and have more than 400 industrial customers in the textile, chemical, pharmaceutical and agricultural sectors.