• The investment will support the development of a portfolio of renewable energy projects with a total capacity of up to 4 GW, including near-term solar and wind power projects with a capacity of approximately 1 GW.
• The deal strengthens Inkia's efforts to decarbonize Peru's electricity system.

Abu Dhabi, Miami – Ultra today announced its joint investment in Inkia Energy (“Inkia ”), Peru’s largest independent power producer, alongside I Squared Capital (“I Squared ”), a global infrastructure investment management firm, to support Inkia’s expansion into renewable energy. This transaction marks Ultra’s first direct investment in Latin America and was executed through a continuity fund managed by I Squared and established under a joint ownership structure between I Squared and CPP Investments (Canadian Pension Plan Investment Board).

The joint investment was executed through the Opportunities Fund recently launched by the "Ultra" fund, to complement its diversified portfolio of more than 30 investments in developed and developing markets, supporting renewable energy projects under development with a production capacity of nearly 100 gigawatts.

Inkia, headquartered in Lima, operates 2.6 GW of power generation capacity, representing about a quarter of Peru's electricity supply. With its plan to develop 4 GW of renewable energy projects, including nearly 1 GW of solar and wind power projects under development in the near term, the platform is expected to contribute to the continued decarbonization of the country's power system, while also supporting the provision of reliable and affordable electricity in one of Latin America's fastest-growing energy markets.

Peru's energy sector continues to benefit from strong fundamentals that support its long-term growth, including rising electricity demand driven by mining activity, industrial growth, and infrastructure development. Furthermore, declining spare capacity margins in the grid increase the need for new generation capacity, creating a favorable environment for long-term investment in the sector .

The next phase of Inkia’s growth is being led by a management team with extensive experience and a proven track record in developing and operating energy assets in the region. This expansion also benefits from I Squared ’s long-standing expertise as the platform’s primary owner and its broad presence in the infrastructure and energy sectors. The investment in Inkia marks Ultra’s second joint investment with I Squared , following a joint investment in the Italian solar and battery energy storage platform Absolute Energy , which aims to develop projects with an initial capacity of 1.4 GW.

Majed Al Suwaidi, CEO of Ultrara, said: “ Directing long-term capital into fast-growing markets is a key pillar for accelerating the global climate transition. Our investment in gigawatt-scale energy platforms like Inkia Energy reflects our approach to expanding renewable energy capacity, enhancing the reliability and resilience of electricity systems, and supporting long-term sustainable economic development. Peru has promising renewable energy potential, and this investment underscores Ultrara’s commitment to supporting infrastructure projects that drive the energy transition in markets with strong growth prospects.”

Sadek Wahba, Chairman and Managing Partner of I Squared Capital, said : “We are delighted to welcome Ultra to Inkia . This move strengthens our growing relationship with Ultra, which is constantly evolving across different markets and strategies, and we are proud to expand it to include one of the most important energy platforms in Latin America. This transaction also reflects the strength of our partnership with CPP Investments . Ultra’s investment confirms Inkia’s position today as a diversified and large-scale platform that plays a pivotal role in Peru’s energy future. With the support of our partners, we are well-positioned to execute the next phase of growth, including a gigawatt-scale renewable energy program that will accelerate Peru’s decarbonization efforts while simultaneously meeting the rapidly growing domestic demand for electricity.”

About the Ultra Fund

Ultra is the world’s largest private climate finance fund, launched by the UAE at COP28 with an initial capital of US$30 billion. Ultra aims to build innovative partnerships to raise and catalyze US$250 billion in investments globally by 2030 to finance the new global climate economy and accelerate climate transition.

Ultra manages three investment funds. The first, the Accelerator Fund, directs capital towards pivotal projects to accelerate the global transition to a carbon-neutral and climate-resilient economy. The Transformation Fund stimulates investment flows into climate-enabled growth opportunities in underfunded markets by providing catalytic capital. The Opportunity Fund is a climate co-investment platform with a diversified global investment strategy that includes climate-aligned infrastructure, private equity investments, and private credit .

The company that manages the fund’s business is licensed and authorized under the name Ultra Management Limited, with the Abu Dhabi Global Financial Services Regulatory Authority ( ADGM ) in accordance with Financial Services License No. 200001.

About I Squared Capital

I Squared Capital is a leading global independent investor in mid-sized infrastructure assets, managing an asset portfolio exceeding US$60 billion.

Since its founding in 2012, I Squared Capital has established itself as one of the world’s most diversified infrastructure investors, with investments in energy and utilities, transportation and logistics, digital infrastructure, environmental infrastructure, and social infrastructure, providing essential services to millions of people worldwide . Today, I Squared Capital’s portfolio includes more than 100 companies operating in over 70 countries. The company is headquartered in Miami and has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, and Taipei . For more information, please visit www.isquaredcapital.com

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