Marubeni acquires largest solar platform in Taiwan

• 4 years ago (2020-03-03)
• David Flin

Asia 892 Solar 273

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I Squared Capital , a private equity firm focusing on global infrastructure investments, has agreed to sell its interests in Chenya Energy under a share purchase agreement with Marubeni Corporation of Japan. The transaction represents the largest solar M&A deal in the Asia-Pacific in 2020, and the third largest since 2018.

Chenya Energy, a wholly-owned subsidiary of Asia Cube Energy, a pan-Asian renewable portfolio company founded by I Squared Capital in 2017, is a dedicated solar development, construction, and operating platform in Taiwan. Chenya Energy is currently building the world’s largest floating solar project with a capacity of 180MW. It is the largest solar platform in Taiwan.

Following the conclusion of the share purchase agreement, Chenya will become a wholly-owned subsidiary of Marubeni. By acquiring Chenya and its solar power generating assets, Marubeni will gain expertise in the floating solar power business and continue to enhance its renewable energy development capabilities. Through Chenya, Marubeni plans to expand the floating solar power business in Taiwan as well as in other regions.