I Squared Capital, a global infrastructure investment manager, has launched Cube Grid, a power transmission platform targeting India’s electricity grid, with plans to deploy up to $1 billion in equity capital.

The platform will acquire and build a portfolio of transmission assets across India. Cube Grid has signed agreements for seed assets totaling more than 1,450 circuit kilometers of transmission lines.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and closing conditions.

The projects are being developed in partnership with Dineshchandra Group, an infrastructure developer with large-scale projects across India, Australia, West Asia, and Africa.

I Squared said India’s power transmission sector is expected to grow, supported by policy measures and the expansion of renewable energy capacity.

The company said the Indian government’s roadmap to modernize and expand the national grid would require an estimated $120 billion in capital expenditure over the next five to seven years to integrate new generation capacity and meet rising electricity demand.

Harsh Agrawal, Senior Partner at I Squared Capital, said India’s growth in power generation, particularly renewables, has created a multi-decade opportunity to acquire and build grid assets that support economic growth, energy security, and the energy transition.

Over the past decade, I Squared has committed more than $4 billion to Indian infrastructure. The company said it owns, builds, and operates a portfolio of six companies providing essential services across the country.

I Squared Capital manages $55 billion in assets. Its investments span power and utilities, transportation and logistics, digital infrastructure, environmental infrastructure, and social infrastructure.

Last September, I Squared Capital announced that it had entered into an agreement to acquire a majority equity interest in ENTEK Technology Holdings, a battery separator manufacturer.

Earlier, Cube Green Energy, a renewable platform of I Squared Capital, had agreed to acquire control of SUNfarming, a German Solar developer and independent power producer.