I Squared Capital, through its ISQ Global Infrastructure Fund II, has entered into an exclusive strategic partnership with Twenty First Century Utilities (TFC), a privately held development and asset operations firm active in the power and utilities sectors in North America, including the United States, Canada and the West Indies. As part of the transaction, ISQ Global Infrastructure Fund II has acquired TFC’s extensive pipeline of investment opportunities that it will actively pursue in the coming period.
TFC was founded four years ago, with a mission to transform regulated electric utilities with an operating model that drives mass adoption of clean, low cost energy producing and saving technologies, while optimizing the power grid to enhance reliability, resiliency and security. The firm also develops and operates clean energy and technology projects throughout North America.
TFC’s current Managing Partners, Larry M. Kellerman and Peter L. Corsell, will join I Squared Capital as Managing Directors where they will continue to focus on TFC’s pipeline as well as developing new initiatives within the firm. TFC will continue as a standalone company headquartered in Washington, D.C.
“The TFC team is well positioned with its current pipeline of opportunities to benefit from fundamental changes in the power sector,” said Gautam Bhandari, Managing Partner of I Squared Capital. “In addition, Larry and Peter bring tremendous experience in utility management and operations, power infrastructure development and optimization, and the commercialization of innovative energy technologies to I Squared Capital.”
“I Squared Capital’s global platform provides broad reach, deep insight, and a well-established expertise in the world of infrastructure investing, which will enhance TFC’s ability to execute on its pipeline of opportunities,” said Larry Kellerman. “I Squared Capital is deeply committed to innovative business models and technologies that will lead to more efficient and environmentally sustainable infrastructure across the globe,” added Peter Corsell.
White & Case LLP and Gibson, Dunn & Crutcher LLP advised I Squared Capital and Akin Gump Strauss Hauer & Feld LLP advised TFC on this transaction.
About Twenty First Century Utilities
Twenty First Century Utilities is a privately held investment firm in the North American electric power sector. The firm’s mission is to transform regulated electric utilities with an operating model that drives mass adoption of clean, low cost energy producing and saving technologies, while optimizing the power grid to enhance reliability, resiliency and security. The firm also invests in clean energy projects and clean technology companies in North America and the West Indies.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom, transport and social infrastructure in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.