Global infrastructure manager I Squared Capital is planning to deploy up to $1bn (€862m) into India’s power transmission sector through a newly launched platform, Cube Grid.
I Squared said it expects to commit the equity capital into the platform to acquire and develop a portfolio of transmission assets across the country.
Cube Grid has secured a seed portfolio of 1,450 circuit km of transmission lines being developed in partnership with Dineshchandra R Agrawal Infracon Private Limited (DRAIPL).
The latest venture expands I Squared’s decade-long investment track record in India, which comprises a total capital commitment of over $4bn across a portfolio of six operating and development infrastructure platforms.
Harsh Agrawal, senior partner at I Squared Capital, said: ”India is one of the fastest-growing major economies and a highly attractive infrastructure market. I Squared has been an investor in India for over a decade and has seen first-hand the rapid expansion of power generation, particularly renewables. We believe this creates a multi-decade opportunity to acquire and build critical grid assets that enable economic growth, enhance energy security, and accelerate the energy transition.
“DRAIPL has a proven track record from our work together on Cube Highways, another I Squared portfolio company in India. Extending this relationship to the transmission sector gives Cube Grid a strong execution partner.”
Hardik Agrawal, director at Dineshchandra, said: ”India’s transmission sector is at an inflection point as the country accelerates renewable integration and grid expansion. We are pleased to partner with I Squared and Cube Grid in developing this sector.
“Having witnessed I Squared’s long-term, platform-oriented approach, we believe this partnership combines financial discipline and operational focus with strong execution capabilities to build high-quality transmission infrastructure and contribute to an Atmanirbhar and Viksit Bharat.”
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