I Squared Capital, through its ISQ Global Infrastructure Fund II, has agreed to buy the Latin American and Caribbean businesses of Inkia Energy Limited, a wholly-owned subsidiary of IC Power Ltd. The deal includes a number of hydropower assets.
One of the largest independent power producers in Latin America, Inkia has a highly contracted portfolio of approximately 3.4GW of gross installed capacity in nine countries, with a fleet of highly efficient hydroelectric, wind and thermal facilities across the region. The company also owns an electricity distribution company servicing approximately 1.7 million customers. Headquartered in Lima, Inkia is the second largest power producer in Peru (based on installed capacity).
“This transaction reinforces I Squared Capital’s commitment to infrastructure in Latin America. The Inkia portfolio comes with a highly seasoned and successful development team as well as a robust pipeline of renewable and natural-gas generation projects,” commented Adil Rahmathulla, Partner at I Squared Capital. “We are excited to work with them to provide efficient, reliable and affordable electricity across the region.”
Credit Suisse and Norton Rose Fulbright acted as advisors to I Squared Capital. The sale is expected to close in the coming months, subject to customary closing conditions and approvals.
The transaction does not include IC Power’s Israeli asset, OPC Energy Ltd.
