I Squared Capital Acquires Oriden, a Leading Renewable Energy Developer in North America

MIAMI--(BUSINESS WIRE)--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

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing $55 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people globally. Today, the firm’s portfolio includes over 100 companies operating in more than 115 countries and employing more than 110,000 people. Headquartered in Miami, I Squared has a global team of over 360 employees across nine offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, Taipei and Miami. Learn more at www.isquaredcapital.com

About Oriden

Located in Pittsburgh, Oriden is a full-service renewable energy developer specializing in solar energy and battery energy storage projects across the United States. Our mission is to generate clean power while creating meaningful, long-term differences in local communities, proving that energy security and economic security can go hand in hand. Oriden partners with landowners and communities to deliver cost-effective, carbon-free energy solutions that support energy independence and sustainability. For more information, visit Oriden's website and follow us on LinkedIn.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

^1 Data as of Q4 2025. Invested capital inception amounts are presented net of cash flows from sell-downs to co-investors and financings, bridged investments, and cash extraction, across all energy transition investments in I Squared Capital’s Infrastructure Funds I, II, III, and Growth Market Fund.

^2 As of Q4 2025. Energy transition investments are investments made by ISQ Funds that support the shift to lower-carbon energy, including both pure-play sustainable assets with no fossil fuel exposure and integrated businesses with mixed generation portfolios, often reflecting increasingly mature and de-risked technologies.