I Squared Capital Buys Oriden From Mitsubishi Power Americas, Plans $300M Investment

I Squared Capital has announced that its Energy Transition Fund has acquired Oriden from Mitsubishi Power Americas. This move reflects I Squared’s strategy to expand its presence in the renewable energy sector and support the ongoing energy transition in the United States. Oriden, headquartered in Pittsburgh, was established in 2019 with the goal of developing renewable energy projects across the U.S. Since then, it has grown quickly and built a strong reputation as an independent developer. The company focuses on taking projects from early-stage development through to construction-ready status.

Its portfolio includes more than 5 gigawatts of solar power and battery energy storage projects, primarily located in key electricity markets such as the Midcontinent Independent System Operator and the PJM Interconnection. As part of this acquisition, I Squared plans to invest around $300 million to support Oriden’s future growth. This investment will help the company move beyond its current development-focused model and evolve into an independent power producer with a broader and more diversified asset base. Gautam Bhandari explained that the investment aligns with the firm’s approach of building large-scale platforms in sectors where market conditions create strong opportunities.

He noted that the U.S. energy transition market currently offers attractive prospects due to rising electricity demand and the urgent need to bring new power generation capacity online. Damian Darragh highlighted that Oriden provides a strong platform for scaling renewable energy development in the U.S. He pointed out that the company’s project pipeline in the MISO and PJM markets is particularly valuable, as these regions are experiencing growing demand for clean energy and have strong long-term fundamentals. From Oriden’s perspective, Bill Miller stated that the partnership will strengthen the company’s long-term strategy and improve its ability to expand efficiently.

He emphasized that I Squared’s experience in infrastructure investment and its disciplined approach will support Oriden in advancing its project pipeline and delivering reliable clean energy solutions. Oriden operates across multiple regions in the United States, with active development efforts in key solar and energy storage markets. The company has established strong working relationships with landowners, utilities, and grid operators, which helps streamline project development and grid connection processes.

Its work contributes to meeting the increasing electricity demand from utilities, municipalities, and commercial customers while supporting the broader transition to cleaner energy sources. I Squared Capital has been actively investing in energy transition projects worldwide and has deployed more than $7.2 billion in this space. Its portfolio includes over 30 investments globally, such as Inkia Energy and Hexa Renewables, reflecting its continued focus on building and scaling sustainable energy infrastructure.