I Squared Capital, an independent global infrastructure investment manager announced it has agreed to sell its interests in Taiwan-based Chenya Energy Co., Ltd (Chenya) to Japan’s conglomerate Marubeni Corporation through its ISQ Global Infrastructure Fund I.
Chenya Energy is a dedicated solar development, construction and operating platform in Taiwan and a wholly owned subsidiary of Asia Cube Energy, a pan-Asian renewable portfolio company founded by I Squared Capital in 2017. Chenya will become a wholly owned subsidiary of Marubeni upon the conclusion of this transaction.
With a net portfolio of investments totaling approximately 270MW of solar power generation assets, Chenya is one of the leading players among renewable energy developers in Taiwan.
By acquiring Chenya and Chenya’s solar power generation assets, including one of the world’s largest floating solar power plants, Marubeni will gain expertise in the floating solar power business and continue to enhance its renewable energy development capabilities. Through Chenya, Marubeni plans to expand the floating solar power business in Taiwan as well as in other regions.
Marubeni’s portfolio of IPP projects assets exceeds 12.5GW in net generation capacity across 19 countries. In Taiwan, Marubeni has previously made investments in Ever Power gas-fired combined power plant project (960MW) and Hsin Tao gas-fired combined cycle power plant project (600MW).
With the addition of Chenya’s solar power generation assets, Marubeni will hold a stake in more than 950MW of power generation assets within Taiwan, making Marubeni one of the largest independent power producers in the country.
Gautam Bhandari, Managing Partner at I Squared Capital 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 consistent track-record of creating value for our investors through building world-class infrastructure growth companies that are highly valued by strategic buyers.”
Source: Press Releases by I Squared Capital and Marubeni Corporation. Photo credit: © Chenya Energy.