The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has invested in Inkia Energy, Peru's largest independent power producer, in partnership with I Squared Capital (“I Squared”), a leading global infrastructure investor.
In February 2026, Canadian pension fund Canada Pension Plan Investments Board (“CPPIB”) acquired a 50% stake in Inkia Energy from I Squared, with the remaining 50% stake acquired by an I Squared-managed continuation vehicle. SOFAZ has invested in the continuation vehicle as an underlying investor.
Inkia Energy operates a diversified portfolio of hydroelectric, gas, solar and wind assets with an effective capacity of 2.6 GW, holding a 22% share of Peru's electricity generation market. The company also holds a development pipeline of over 4 GW primarily concentrated across renewable energy projects, with a firm commitment to expanding its strategic presence in this sector over the long term.
Inkia Energy is a major player in Peru's energy system, distinguished by strong operational performance. The investment aligns with SOFAZ's strategy of enhancing the Fund's geographic diversification into Latin America through allocation to resilient assets such as power generation - a sector characterized by strong fundamentals and attractive risk-return characteristics.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ), established in 1999, is a sovereign wealth fund dedicated to managing the nation’s oil and gas revenues, with a commitment to safeguarding and enhancing wealth for future generations. As a long-term investor with nearly USD 70 billion in assets under management, SOFAZ pursues a diversified investment strategy that encompasses global opportunities across various sectors, including fixed income, equities, gold, real estate, and infrastructure.
I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei.
