I Squared Capital, through its Energy Transition Fund, acquires US renewable developer Oriden from Mitsubishi Power Americas. Oriden has a pipeline of over 5 GW of solar and storage projects. I Squared plans to invest $300 million.
I Squared Capital, through its Energy Transition Fund, announced the acquisition of Oriden, a U.S.-based renewable energy developer, from Mitsubishi Power Americas. Headquartered in Pittsburgh, Pennsylvania, Oriden was founded in 2019 and has rapidly established itself as a leading independent developer of solar photovoltaic and battery energy storage projects. The company claims a pipeline of over 5 GW of projects, mainly in the Midcontinent Independent System Operator (MISO) and Pennsylvania-New Jersey-Maryland (PJM) interconnection markets.
The acquisition comes amid strong demand for clean energy in the United States. Oriden has an active presence in key solar and storage markets, supported by robust relationships with landowners, utilities, and grid operators, enabling efficient project origination and interconnection. Recent projects, such as the Graspan solar plant inaugurated by ENGIE and Pele Green Energy, or innovative deals like the financial tolling agreement signed by Grenergy for its Escuderos batteries, highlight the sector’s momentum.
I Squared Capital plans to invest approximately $300 million to support Oriden’s next phase of growth, transitioning from a development-led model to an independent power producer. “Oriden represents an opportunity to build a scalable renewable energy development platform in the U.S.,” said Damian Darragh, Fund Partner at I Squared Capital. Gautam Bhandari, Chief Investment Officer, added that the U.S. energy transition market offers an attractive entry point for long-term investors.
Since inception, I Squared Capital has deployed over $7.2 billion across energy transition assets globally. The fund ISQ ETIF, dedicated to this theme, counts over 30 investments, including Inkia Energy and Hexa Renewables. The acquisition of Oriden reinforces this strategy in a sector where the need for new capacity is driven by rising electricity demand and the urgency to accelerate renewable energy deployment.
Bill Miller, CEO of Oriden, welcomed the partnership, noting that “I Squared’s infrastructure expertise and investment discipline align with our approach to advancing a high-quality development pipeline.” With this deal, Oriden aims to meet the growing needs of utilities, municipalities, and commercial offtakers across the country.
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