CPP Investments agreed on 12 February to acquire a 50% stake in Inkia Energy, a private power generator in Peru, at a total enterprise value of $3.4bn, alongside a continuation vehicle led by I Squared Capital that takes the remaining half.
Why CPP Investments and I Squared Capital continuation vehicle is buying Inkia Energy
CPP Investments said Inkia's resilient generation platform fits its focus on long-duration power assets. I Squared said the partnership reflected shared conviction in Peru's power market, where demand is driven by the mining sector.
Deal terms and financing
CPP Investments acquires 50% and an I Squared-led continuation vehicle the other 50%, valuing Inkia at $3.4bn including debt. I Squared, invested since 2017, sold Inkia's non-core assets in 10 Latin American jurisdictions and expanded its Peruvian business from 1.6GW to 2.6GW.
Regulatory approvals and timing
The transaction was subject to closing conditions and government approvals. Latham & Watkins, CPP Investments' counsel, said in June 2026 that the investment had been completed.
Market context
Inkia operates through Kallpa Generación and Orazul Energy Peru and has a development pipeline of more than 4GW. The deal is an example of sponsors using continuation vehicles to keep prized assets while bringing in new long-term capital.
