I Squared is preparing to sell a 500MW to 700MW portfolio of Asian solar, combined heat and power and utility projects and co-generation projects.
Two investment bankers said that they have received requests for proposals to sell the portfolio, but a third source said the portfolio is still under strategic review, pending a final decision to sell.
I Squared plans to appoint a financial advisor by the fourth quarter, according to the third source, who noted that investment banks have already been shortlisted.
The portfolio is a mix of operating and development assets spread across the OECD Asia and greater China markets.
I Squared has already received some unsolicited responses from investors interested in buying the portfolio, according to the third source.
In February last year, the US investment manager, through its ISQ Global Infrastructure Fund, formed two portfolio companies: Asia Cube Solar, a platform of ground-mounted and rooftop solar farms, as well as Asia Cube Energy, a platform to develop and operate district energy facilities in China. These investments lifted I Squared Capital’s global clean energy portfolio to more than 4.3GW in 13 countries across the Americas, Europe and Asia.