Pittsburgh-based renewable energy startup sold by Mitsubishi Power Americas to private equity firm

PITTSBURGH — Pittsburgh-based renewable energy startup Oriden was acquired by a Miami-based private equity firm.

Oriden was first launched in 2019 by Mitsubishi Power Americas and has grown its portfolio to include over five GW of solar production and battery storage efforts primarily on regional grid operator PJM and the Midcontinent Independent System Operator markets. Now, Miami-based private equity firm I Squared Capital has announced it acquired Oriden from Mitsubishi Power Americas.

“This investment reflects our focus on building scaled platforms in sectors where dislocations give us an attractive entry point,” I Squared Chief Investment Officer Gautam Bhandari said in a prepared statement. “Currently, the U.S. energy transition market presents a compelling entry opportunity for long-term, disciplined value investors. Growing power demand and the need to bring generation online rapidly provides structural tailwinds for the future growth of this platform.”