I Squared Capital’s $1.123 Billion Sale of Cube Hydro

Centerview Partners acted as financial advisor and Sidley Austin LLP, Troutman Sanders LLP, and Davis Polk & Wardwell LLP served as legal counsel to I Squared Capital on this transaction

I Squared Capital, through its ISQ Global Infrastructure Fund I, announced today that it has reached an agreement to sell its hydropower platform, Cube Hydro Partners and its affiliate, Helix Partners (taken together, Cube Hydro), to Ontario Power Generation (OPG) through its U.S. hydroelectric platform. Cube Hydro owns 385 megawatts of hydro capacity on ten river systems in five states, with 19 small to mid-sized, run-of-the-river and peaking hydro plants.

The other two platforms developed and recently sold by I Squared Capital include Lincoln Clean Energy (a leading onshore wind developer in the U.S. with 800 megawatts) to Ørsted, and Amplus Solar (the preeminent provider of rooftop solar systems for the Indian commercial and industrial market with over 344 megawatts) to Petronas.

Sidley Austin advised I Squared Capital with Tara Higgins (Picture) and Noreen Phelan (Washington, D.C.), with support from associates Chris Hutchison (Washington, D.C.) and Sagar Sritharan (New York). The team also included Employee Benefits and Executive Compensation partner Audry Casusol (New York) and associate Teresa Napoli (Chicago); Tax partner Suresh Advani (Chicago); and Employment and Labor group counsel James Weiss (Chicago).

Involved fees earner: Suresh Advani – Sidley Austin LLP; Audry Casusol – Sidley Austin LLP; Tara Higgins – Sidley Austin LLP; Christopher Hutchison – Sidley Austin LLP; Teresa Napoli – Sidley Austin LLP; Noreen Phelan – Sidley Austin LLP; Sagar Sritharan – Sidley Austin LLP; James Weiss – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: I Squared Capital Advisors, LLC;

Author: Ambrogio Visconti