I Squared Capital launches $1 billion India transmission platform

I Squared Capital has launched Cube Grid, a $1 billion platform focused on investing in India’s power transmission sector.

The Miami-headquartered firm said the platform will build and acquire transmission infrastructure assets to support rising electricity demand and grid expansion requirements in India. 

I Squared Capital has signed definitive agreements for seed assets comprising more than 1,450 circuit kilometres of transmission lines. The projects will be developed in partnership with Dineshchandra R. Agrawal Infracon Private Limited, which entered the inter-state power transmission sector under the Tariff Based Competitive Bidding (TBCB) route in November 2024. 

Cube Grid has been modelled on Cube Highways, the road asset investment platform earlier established by I Squared Capital in India.

The firm said it intends to act as a long-term owner of transmission assets operating under concession-based frameworks that provide stable long-duration cash flows.

I Squared Capital has invested around $4 billion in India across its portfolio companies so far.

Its investor base includes institutions such as Abu Dhabi Investment Authority, Mubadala Investment Company, and British Columbia Investment Management Corporation.

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