MIAMI, April 28 — I Squared Capital (“I Squared”), a leading independent global infrastructure investment manager, today announced that its Energy Transition Fund (“ISQ ETIF”) has acquired Oriden, a U.S.-based renewable energy developer, from Mitsubishi Power Americas.
Headquartered in Pittsburgh, Pennsylvania, Oriden was founded in 2019 to expand renewable energy development capabilities across the United States. Since its founding, Oriden has grown rapidly, establishing itself as a leading independent renewable energy developer with a proven track record of advancing projects from greenfield origination to shovel-ready status and a diverse pipeline totaling 5+ GW of solar photovoltaic and battery energy storage system projects, largely in the Midcontinent Independent System Operator (MISO) and Pennsylvania-New Jersey-Maryland (PJM) Interconnection markets.
I Squared plans to invest approximately $300 million to support Oriden’s next phase of growth, including its evolution from a development-led model into a next-generation independent power producer and the buildout of a more diversified asset base.
Gautam Bhandari, Chief Investment Officer of I Squared Capital, said: “This investment reflects our focus on building scaled platforms in sectors where dislocations give us an attractive entry point. Currently, the U.S. energy transition market presents a compelling entry opportunity for long-term, disciplined, value investors. Growing power demand and the need to bring generation online rapidly provide structural tailwinds for the future growth of this platform.”
Damian Darragh, Fund Partner at I Squared Capital, said: “Oriden represents a compelling opportunity to establish a scalable renewable energy development platform in the U.S. We are particularly attracted to its quality pipeline in MISO and PJM, two markets with strong fundamentals and significant demand for new clean generation. We look forward to partnering with Oriden’s experienced management team to advance these projects and support the ongoing energy transition.”
Bill Miller, CEO of Oriden commented: “The partnership with I Squared reinforces Oriden’s long‑term growth strategy and strengthens our ability to scale efficiently. Their infrastructure expertise and investment discipline align well with our approach to advancing a high‑quality development pipeline and delivering clean energy in the MISO and PJM regions.”
Oriden’s projects span multiple regions of the United States, with an active development presence in key solar and storage markets, supported by strong relationships with landowners, utilities, and grid operators that enable efficient project origination and interconnection execution. Committed to delivering clean, reliable energy solutions, Oriden supports the energy transition and meets the growing power demands of utilities, municipalities, and commercial offtakers across the country.
I Squared has been investing across the energy transition value chain since inception, deploying over $7.2 billion across energy transition assets globally.1 Today, I Squared’s energy transition investments across its equity funds comprise over 30 investments globally, including Inkia Energy and Hexa Renewables.2
