I Squared Capital Launches Cube Grid – A New Power Transmission Platform in India

I Squared Capital ("I Squared"), a leading global infrastructure investment manager, today announced the launch of Cube Grid, a new power transmission platform targeting India's rapidly expanding electricity grid. I Squared expects to deploy up to USD $1 billion of equity capital into Cube Grid to acquire and build a scaled portfolio of high-quality transmission assets across India.

Consistent with I Squared's platform-building approach, Cube Grid has signed definitive agreements for seed assets totaling more than 1,450 circuit kilometers (ckm) of transmission lines. These projects are being developed in partnership with Dineshchandra Group (Dineshchandra R. Agrawal Infracon Private Limited or "DRAIPL"), an established infrastructure developer with over five decades of experience delivering large-scale projects across India, Australia, West Asia, and Africa.

We anticipate India's power transmission sector to enter a phase of unprecedented growth, driven by strong policy support and the rapid expansion of renewable energy capacity. The Government of India has outlined an ambitious roadmap to modernize and expand the national grid, requiring an estimated USD $120 billion of capital expenditure over the next five to seven years to integrate new generation capacity and meet rising demand. We believe that this has potential of creating a significant pipeline of transmission projects across the country – compelling opportunities for both greenfield development and the acquisition of operating assets.

Harsh Agrawal, Senior Partner at I Squared Capital, said: "India is one of the fastest-growing major economies and a highly attractive infrastructure market. I Squared has been an investor in India for over a decade and has seen first-hand the rapid expansion of power generation, particularly renewables. We believe this creates a multi-decade opportunity to acquire and build critical grid assets that enable economic growth, enhance energy security, and accelerate the energy transition. DRAIPL has a proven track record from our work together on Cube Highways, another I Squared portfolio company in India. Extending this relationship to the transmission sector gives Cube Grid a strong execution partner."

Hardik Agrawal, Director at Dineshchandra Group, said: "India's transmission sector is at an inflection point as the country accelerates renewable integration and grid expansion. We are pleased to partner with I Squared and Cube Grid in developing this sector. Having witnessed I Squared's long-term, platform-oriented approach, we believe this partnership combines financial discipline and operational focus with strong execution capabilities to build high-quality transmission infrastructure and contribute to an Atmanirbhar and Viksit Bharat."

Over the past decade, I Squared has committed more than USD $4 billion to Indian infrastructure, owning, building and operating a portfolio of six companies providing essential services to millions of people across the country. The partnership with DRAIPL combines I Squared's global investment expertise and platform-building experience with DRAIPL's local execution capabilities and regional market knowledge.

The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals and closing conditions.

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing $55 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk; loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

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