CPP Investments buying 50 per cent stake in Peruvian power company Inkia Energy

Signage is seen in the reception of CPP Investments' Toronto offices, on Thursday, September 21, 2023. THE CANADIAN PRESS/Chris Young

TORONTO — The Canada Pension Plan Investment Board has signed a deal to invest in Peruvian private power generation company Inkia Energy alongside I Squared Capital.

Under the agreement, CPP Investments has agreed to acquire a 50 per cent stake in Inkia at a total enterprise value of US$3.4 billion.

I Squared, which has been invested in Inkia since 2017, will hold the other 50 per cent.

Inkia operates a diversified portfolio through its subsidiaries Kallpa Generación S.A. and Orazul Energy Peru S.A.

Bill Rogers, managing director and head of sustainable energies at CPP Investments, says Inkia operates a resilient power generation platform that aligns well with the fund’s long-term approach to investing in high-quality businesses.

The deal is subject to closing conditions and government approvals.

This report by The Canadian Press was first published Feb. 12, 2026.