June 26 (Renewables Now) - Global infrastructure investment manager I Squared Capital has inked a deal to sell Cube Hydro Partners, owner of 385 MW of small to mid-sized, run-of-the-river and peaking hydropower plants.
The buyer is Ontario Power Generation (OPG).
Cube Hydro Partners is a US-based company that buys, develops and modernises hydroelectric projects in North America. At present, it owns and operates 19 hydropower plants on ten rivers in five states.
While I Squared Capital did not disclose the value of the specific deal, chairman and managing partner Sadek Wahba said that this is the third portfolio company realisation in the last 12 months, with a total realised enterprise value of more than USD 2.8 billion (EUR 2.46bn).
The other two divested platforms are US onshore wind developer Lincoln Clean Energy (LCE), which was bought by Denmark’s Ørsted A/S (CPH:ORSTED), and rooftop solar installer Amplus Energy Solutions Pte Ltd, or M+, acquired by Malaysian oil and gas company Petroliam Nasional Berhad, better known as Petronas.
The sale of Cube Hydro Partners is expected to wrap up in the coming months, pending standard regulatory review.
(USD 1.0 = EUR 0.880)