I Squared Capital has acquired Oriden, adding over 5 GW of solar and BESS pipeline to its portfolio
The projects are mainly located in MISO and PJM in the US, which are markets with strong clean energy demand
It plans to invest around $300 million to support Oriden’s growth and shift to an IPP model
I Squared Capital, the US-based global infrastructure investment manager, has acquired solar and storage developer Oriden from Mitsubishi Power Americas for an undisclosed sum. The deal expands I Squared’s pipeline by more than 5 GW.
Oriden’s pipeline of solar PV and battery energy storage system (BESS) projects is primarily spread across the Midcontinent Independent System Operator (MISO) and Pennsylvania-New Jersey-Maryland (PJM) Interconnection Markets. I Squared made the acquisition through its Energy Transition Fund (ISQ ETIF).
“Oriden represents a compelling opportunity to establish a scalable renewable energy development platform in the U.S,” said I Squared Capital’s Fund Partner, Damian Darragh. “We are particularly attracted to its quality pipeline in MISO and PJM, two markets with strong fundamentals and significant demand for new clean generation.”
I Squared says it will invest close to $300 million to support Oriden’s next phase of growth. This includes its transition from a development-led model to a next-generation independent power producer (IPP) and the buildout of a more diversified asset base.
The investment manager has been expanding its renewable energy portfolio globally of late. In February 2026, it agreed to acquire a 50% stake in Peru-based Inkia Energy, with CPP Investments taking the remaining share of the power generation capacity with more than 4 GW of wind, solar, gas, and battery storage pipeline (see Latin America Solar PV News Snippets).
Earlier in January this year, it launched ANZA Power, its new Australia and New Zealand-focused renewable energy platform (see Asia Pacific Solar PV News Snippets).
In the Middle East, I Squared launched a local distributed renewable energy platform, calling it Radiant Energy Solutions (see Middle East & Africa Solar PV News Snippets).
Regarding Oriden’s acquisition, I Squared Capital Chief Investment Officer Gautam Bhandari said, “This investment reflects our focus on building scaled platforms in sectors where dislocations give us an attractive entry point.” He added, “Currently, the U.S. energy transition market presents a compelling entry opportunity for long-term, disciplined, value investors.”