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

New Delhi & Miami—(ANTARA/Business Wire)—I Squared Capital (‘I Squared’), one of the world’s leading infrastructure investment managers, today announced the launch of Cube Grid. Cube Grid is a new electricity transmission platform designed for India’s rapidly developing power network. I Squared intends to deploy up to USD 1 billion of equity capital into Cube Grid to acquire and build a portfolio of high-quality, large-scale transmission assets across India. In line with the platform-building approach adopted by I Squared, Cube Grid has signed a definitive agreement for the initial assets comprising a transmission network with a total length of over 1,450 circuit kilometres (ckm). The project is being developed in partnership with Dineshchandra Group (Dineshchandra R. Agrawal Infracon Private Limited or ‘DRAIPL’), a leading infrastructure developer with more than five decades of experience in implementing large-scale projects in India, Australia, West Asia and Africa. We expect India’s electricity transmission sector to enter an unprecedented growth phase, driven by strong policy support and rapid expansion of renewable energy capacity. The Indian Government has laid out an ambitious road map to modernise and extend the national electricity grid. This effort is projected to require USD 120 billion of capital expenditure over the next five to seven years to integrate new generation capacity and meet growing demand. We believe this could create a significant flow of transmission projects nationwide, offering attractive opportunities for both greenfield development and acquisition of assets already in operation. Harsh Agrawal, Senior Partner at I Squared Capital, said: ‘India is one of the countries with a large and fast-growing economy and a highly attractive infrastructure market. I Squared has invested in India for more than a decade and has directly witnessed rapid expansion in the power generation sector, particularly renewable energy. We believe this situation creates long-term, multi-decade opportunities to acquire and build critical electricity transmission assets that support economic growth, enhance energy security, and accelerate the energy transition. DRAIPL has a proven track record from our collaboration on Cube Highways, another I Squared portfolio company in India. Expanding this partnership into the transmission sector gives Cube Grid a strong execution partner.’ Hardik Agrawal, Director at Dineshchandra Group, said: ‘The Indian electricity transmission sector is at a turning point as renewable energy integration accelerates and the grid expands. We are pleased to partner with I Squared and Cube Grid in developing this sector. Having observed I Squared’s long-term, platform-oriented approach, we are confident that this partnership combines disciplined finance and operational focus with strong execution capabilities to build high-quality transmission infrastructure and contribute to the realisation of Atmanirbhar and Viksit Bharat.’ Over the last decade, I Squared has deployed more than USD 4 billion into infrastructure in India, owning, building, and operating a portfolio of six companies that provide essential services to millions of people across the country. The partnership with DRAIPL combines global investment expertise and I Squared’s platform-building and local execution capabilities with DRAIPL’s regional market knowledge. The transaction is expected to close in Q3 2026, subject to customary regulatory approvals and closing conditions. About I Squared Capital: I Squared Capital is a leading independent global infrastructure investor focusing on the mid-market, managing USD 55 billion in assets. I Squared was founded in 2012 and has grown into one of the world’s most diversified infrastructure investors, with a portfolio spanning electricity & utilities; transport & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, delivering essential services to millions of people around the world. Headquartered in Miami, the company maintains offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Find out more at www.isquaredcapital.com.