CORRECTING and REPLACING I Squared Capital to Sell Cube Hydro to Ontario Power Generation
Sixth paragraph should read: Centerview Partners acted as financial advisor and Sidley Austin LLP, Troutman Sanders LLP, and Davis Polk & Wardwell LLP served as legal counsel to I Squared Capital on this transaction (instead of Centerview Partners acted as financial advisor and Sidley Austin LLP, Troutman Sanders LLP, and David Polk & Wardwell LLP served as legal counsel to I Squared Capital on this transaction).
The corrected release reads:
I SQUARED CAPITAL TO SELL CUBE HYDRO TO ONTARIO POWER GENERATION
I Squared Capital, through its ISQ Global Infrastructure Fund I, announced today that it has reached an agreement to sell its hydropower platform, Cube Hydro Partners and its affiliate, Helix Partners (taken together, Cube Hydro), to Ontario Power Generation (OPG) through its U.S. hydroelectric platform. Cube Hydro owns 385 megawatts of hydro capacity on ten river systems in five states, with 19 small to mid-sized, run-of-the-river and peaking hydro plants.
“This is the third portfolio company realization in the last twelve months based on the I Squared Capital platform approach, with a total of over $2.8 billion in realized enterprise value,” said Sadek Wahba, Chairman and Managing Partner of I Squared Capital.
The other two platforms developed and recently sold by I Squared Capital include Lincoln Clean Energy (a leading onshore wind developer in the U.S. with 800 megawatts) to Ørsted, and Amplus Solar (the preeminent provider of rooftop solar systems for the Indian commercial and industrial market with over 344 megawatts) to Petronas.
“With the sale of Cube Hydro, I Squared Capital is at the forefront of infrastructure platform building and we look to develop further platforms across different sectors and regions,” added Sadek Wahba.
The transaction is expected to close in the coming months following standard regulatory approvals.
Centerview Partners acted as financial advisor and Sidley Austin LLP, Troutman Sanders LLP, and Davis Polk & Wardwell LLP served as legal counsel to I Squared Capital on this transaction.
About Cube Hydro Partners
Cube Hydro buys, develops, and modernizes hydropower projects in North America. Cube Hydro and its affiliates own and operate 19 hydropower plants on ten rivers in five states with a combined capacity of 385 megawatts, generating 1.5 million megawatt-hours annually, or enough electricity to power approximately 147,000 homes with renewable energy. www.cubehydropartners.com
About Ontario Power Generation
Ontario Power Generation (OPG) produces almost half of the electricity that Ontario homes, schools, hospitals and businesses rely on each day. It is committed to ensuring energy production is reliable, safe and environmentally sustainable for Ontarians today and for the future. Further information about Ontario Power Generation can be found at www.opg.com .
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom, transport and social infrastructure in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.
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