I Squared Capital Acquires Oriden to Boost U.S. Renewable Energy Market

An Investment Shift: Oriden Transitions Under New Ownership

MIAMI, April 27, 2026— (BUSINESS WIRE)—I Squared Capital has announced the acquisition of Oriden, a renewable energy firm based in the U.S., from Mitsubishi Power Americas, marking a significant move in the energy sector.

Based in Pittsburgh, Oriden, established in 2019, has quickly advanced in renewable energy development, boasting over 5 GW of solar photovoltaic and battery energy storage projects, primarily in the MISO and PJM markets. The acquisition by I Squared's Energy Transition Fund aims to propel Oriden into its next growth phase.

I Squared is committing approximately $300 million towards expanding Oriden's capabilities from just development to becoming a next-generation independent power producer with a diversified asset base.

Gautam Bhandari, I Squared Capital’s Chief Investment Officer, stated, "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."

Commenting on the deal, Damian Darragh, Fund Partner at I Squared Capital, noted, "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."

Oriden's CEO, Bill Miller, remarked, "The partnership with I Squared reinforces Oriden’s long-term growth strategy and strengthens our ability to scale efficiently."

Oriden’s diverse projects across the United States are supported by robust relationships with stakeholders, ensuring efficient project execution. The company remains committed to providing clean energy solutions aligned with the growing power needs of utilities and businesses.

I Squared Capital is a formidable player in the global infrastructure investment space, handling $55 billion in assets and investing in over 30 energy transition initiatives. The firm’s portfolio spans various infrastructure sectors, impacting numerous global markets.

Oriden continues to focus on solar and battery energy storage initiatives, aiming to deliver sustainable energy while fostering economic security. For more details, visit Oriden's website.

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