The continuation vehicle was executed as part of a co-control transaction alongside a direct M&A process. Canada Pension Plan Investment Board (“CPP Investments”) acquired a direct 50% stake in Inkia, with the continuation vehicle acquiring the remaining 50% stake in the business. The valuation established through the direct sale process subsequently served as the pricing mechanism for the continuation vehicle.

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing more than $60 billion in assets. Founded in 2012, I Squared has grown its portfolio to over 100 companies operating in more than 115 countries, with investments across power & utilities, transportation & logistics, digital infrastructure, environmental infrastructure and social infrastructure.

Inkia is a Peruvian power generation company operating 2.6 GW of generation capacity and supplying around one quarter of Peru’s electricity capacity. The company plays a critical role in supporting Peru’s energy demand driven by a world-class mining sector.

I Squared Capital and CPP Investments share a long-term strategic vision to partner in the development of Inkia’s more than 4 GW pipeline of wind, solar, gas, and battery storage projects, supporting its continued growth.

David Perrin, Head of Infrastructure Secondaries, said: “We are pleased to have partnered with I Squared Capital on the successful close of its first continuation vehicle. The transaction delivers a strong outcome for existing investors and enables the continued support of Inkia’s next phase of growth alongside its co-shareholder, CPP Investments.”