TORONTO and MIAMI — February 12, 2026 — Leads & Copy — Canada Pension Plan Investment Board (CPP Investments) announced today that it will invest alongside I Squared Capital in Inkia Energy, a Peruvian private power generation company in Peru.
Under the terms of the transaction, CPP Investments has agreed to acquire a 50% ownership interest in Inkia at a total enterprise value of US$3.4 billion. The remaining 50% ownership stake will be acquired by an I Squared-led continuation vehicle.
Inkia operates a diversified and reliable generation portfolio of 2.6GW through its subsidiaries Kallpa Generación S.A. and Orazul Energy Peru S.A. The company plays a critical role in supporting Peru’s energy demand, driven by a world-class mining sector.
CPP Investments and I Squared share a long-term strategic vision to partner in the development of Inkia’s more than 4GW pipeline of wind, solar, gas, and battery storage projects, supporting its continued growth.
Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments, stated that Inkia operates a highly resilient power generation platform that aligns well with their long-term approach to investing in high-quality businesses that can deliver attractive risk-adjusted returns for the CPP Fund. He added that the transaction reflects CPP Investments’ continued focus on long-duration power generation assets with strong governance and sustainability practices, alongside their experienced partner I Squared.
I Squared has been invested in Inkia since 2017, supporting the company’s transformation into a scaled, diversified, and strategically important generation platform. Under I Squared’s leadership, Inkia successfully divested all non-core assets across 10 jurisdictions in Latin America while expanding its core Peruvian generation business from 1.6GW to 2.6GW today. I Squared will continue to play an active role in Inkia’s governance and strategic direction.
Gautam Bhandari, Global Chief Investment Officer and Managing Partner, I Squared, said that Inkia is a developer at its core and represents exactly the kind of essential infrastructure platform they seek to build and grow over the long term. He added that this partnership with CPP Investments reflects their shared conviction in the long-term fundamentals of Peru’s power market and Inkia’s ability to play a leading role in meeting the country’s evolving energy needs. Together, they see significant opportunity to continue investing in the platform and supporting Peru’s energy transition.
CPP Investments has been investing in Latin America since 2006 and has a disciplined approach to investing across asset classes in the region. I Squared has a long-standing presence in Latin American infrastructure, with deep operating experience across energy, utilities, and transportation.
The transaction is subject to closing conditions and government approvals.
Canada Pension Plan Investment Board (CPP Investments™) manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. Investments are made around the world in public equities, private equities, real estate, infrastructure, and fixed income. On September 30, 2025, the Fund totaled C$777.5 billion.
I Squared Capital is an independent global infrastructure investor managing more than $50 billion in assets. Founded in 2012, the company has investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure and social infrastructure.
Source: Canada Pension Plan Investment Board
