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I Squared-backed Hexa acquires Fortum's India renewables arm; to invest $500 mn

VCCircle

VCCircle · 6m ago

I Squared-backed Hexa acquires Fortum's India renewables arm; to invest $500 mn

Hexa Climate Solutions, supported by I Squared Capital, acquired Fortum's India renewables arm, including a 206 MW renewables portfolio and a 600 MW project pipeline. The acquisition, although undisclosed in value, reinforces India's renewable energy goals. Hexa plans to invest $500 million to expand its clean energy platforms across the country and emerging markets. This transaction marks Fortum's exit from India, aligning with its strategy to concentrate on its home market.

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I Squared's Hexa Climate set to strike maiden acquisition

VCCircle

VCCircle · 1y ago

I Squared's Hexa Climate set to strike maiden acquisition

Hexa Climate, the renewable energy platform backed by I Squared Capital, is nearing its first acquisition. The company is set to acquire solar and wind assets totaling around 200-300 MW from a listed Indian firm. This move comes as Hexa Climate aims to expand its presence in the renewable energy sector.

Bidders for renewable projects becoming more practical: Hexa Climate’s Aggarwal

VCCircle

VCCircle · 1y ago

Bidders for renewable projects becoming more practical: Hexa Climate’s Aggarwal

Bidders for renewable projects are becoming more practical, according to Sanjeev Aggarwal, Chairman of Hexa Climate and former MD of Amplus Solar. In 2015, private equity firm I Squared Capital invested in Amplus Solar, which was later acquired by Petronas. Recently, I Squared returned to the renewable energy sector by partnering with Sanjeev Aggarwal.

I-Squared Capital-backed gas firms to merge; A91 Partners to raise $750-mn fund

VCCircle

VCCircle · 1y ago

I-Squared Capital-backed gas firms to merge; A91 Partners to raise $750-mn fund

I-Squared Capital is merging its Indian gas distribution firms, AG&P Pratham and Think Gas Distribution, in a stock-for-stock deal worth over $1.1 billion. I-Squared Capital currently owns 100% of Think Gas Distribution and 73% of AG&P Pratham. In another development, A91 Partners is planning to raise a $750 million fund for investments in India.

I Squared Capital’s India city gas platform gets $370 mn from Japanese consortium

VCCircle

VCCircle · 1y ago

I Squared Capital’s India city gas platform gets $370 mn from Japanese consortium

A consortium led by Japan's Sumitomo Corporation is set to invest $370 million for a minority stake in an Indian city gas distribution platform backed by I Squared Capital. The consortium, including Osaka Gas and Japan Overseas Infrastructure Investment Corporation, will acquire a minority stake in the Natural Gas Transition Platform, which has invested in city gas distribution businesses Think Gas and AG&P Pratham. The investment aims to support India's energy transition and increase the share of natural gas, as well as boost the consumption of renewable natural gas and green hydrogen through the city gas network.

Bottomline: How PE-backed Cube Highways’ InvIT performed in its first year of listing

VCCircle

VCCircle · 1y ago

Bottomline: How PE-backed Cube Highways’ InvIT performed in its first year of listing

Cube Highways Trust, the infrastructure investment trust (InvIT) backed by private equity firm I Squared Capital, generated a yield of slightly over 10% from its portfolio and saw toll revenue growth of nearly 12% in its first year of listing, FY24. The InvIT experienced consolidated performance across its portfolio of highways and road concessions in India.

I Squared-controlled Polaris lands $625 mn smart metering contract

VCCircle

VCCircle · 1y ago

I Squared-controlled Polaris lands $625 mn smart metering contract

Polaris Smart Metering, controlled by I Squared Capital, has won two contracts worth $625 million to install 5.21 million smart meters in Uttar Pradesh. The project will be completed over the next 27 months in Lucknow and Ayodhya/Devipatan clusters.

ICICI Venture-backed Prayagraj Power plans over $700 mn expansion

VCCircle

VCCircle · 1y ago

ICICI Venture-backed Prayagraj Power plans over $700 mn expansion

ICICI Venture-backed Prayagraj Power, a thermal power producer, is planning to invest around $715 million to expand its coal-based generation capacity by one-third. The Uttar Pradesh-based company aims to increase its existing capacity with this investment. Prayagraj Power is backed by ICICI Venture, the private equity arm of ICICI Bank.

Cube Highways to acquire NIIF’s Athaang Infrastructure Road assets for $725 mn

Livemint

Livemint · 9m ago

Cube Highways to acquire NIIF’s Athaang Infrastructure Road assets for $725 mn

Cube Highways Trust has agreed to acquire three road assets from NIIF's Athaang Infrastructure for $725 million. The assets include Quazigund Expressway, Athaang Jammu Udhampur Highway, and Devanahalli Tollway. Cube Highways, a major toll road operator, aims to expand its infrastructure portfolio in India. The deal excludes Kashi and Dichpally tollways. Cube Highways' investors include I Squared Capital and the Abu Dhabi Investment Authority, while NIIF, owned partly by the Indian government, focuses on core infrastructure investments.

Gentari to offer battery energy storage solutions to Indian C&I consumers | Mint

Livemint

Livemint · 1y ago

Gentari to offer battery energy storage solutions to Indian C&I consumers | Mint

Gentari Renewables, a subsidiary of Petronas, is set to offer battery storage services to its commercial and industrial (C&I) customers in India. The company will evaluate different storage options and consider partnerships in the renewable energy space as it expands its presence in the Indian market. Additionally, Gentari plans to invest in greenfield projects and is open to acquisition opportunities in both the C&I and utility sectors. India is viewed as a mature and attractive renewable energy market due to supportive government policies, regulatory norms, and financing opportunities.

KKR, Investcorp vying for Abu Dhabi's district cooling business, sources say

VCCircle

VCCircle · 7m ago

KKR, Investcorp vying for Abu Dhabi's district cooling business, sources say

KKR, I Squared Capital, and Investcorp are among global asset managers bidding for Abu Dhabi's district cooling business, PAL Cooling Holding (PCH), owned by Multiply Group. This enterprise is part of a broader $1.5 trillion portfolio under UAE’s Sheikh Tahnoon bin Zayed Al Nahyan. The deal, valued around $1 billion, also attracts entities like CVC, Engie-backed Tabreed, and TAQA. The interest indicates buyout firms’ growing focus on local Gulf investments.

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