Global infrastructure investor I Squared Capital has launched ANZA Power, a next-generation independent power producer (IPP) aiming to deliver reliable and sustainable energy solutions via solar, battery energy storage systems (BESS) and other clean technologies across Australia and New Zealand.
Through its ISQ Growth Markets Infrastructure Fund II, I Squared has committed US$300 million to enable ANZA Power to provide clean, dispatchable power that supports a lower-carbon power system while maintaining grid resilience and long-term reliability for commercial and industrial customers.
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The platform joins I Squared’s growing portfolio of global renewable energy investments, which includes more than 10,000MW of renewable energy capacity and 15,000MW of natural gas-powered generation.
ANZA Power will combine diversified clean energy sources, including renewables, BESS and natural gas, to deliver reliable energy solutions to commercial and industrial customers across both countries.
Advanced-stage projects within the Australian portfolio include 80MWac/320MWh of solar-hybrid plants located in Victoria and New South Wales, secured by long-term, 20-year agreements with a tier one hyperscale customer, creating revenue certainty that will enable further scale and investment in lasting energy infrastructure.
In addition, ANZA Power expects to begin construction of an additional 80MW of renewable energy assets across Australia and New Zealand in the first half of 2026.
The launch represents I Squared’s latest expansion in renewable energy markets, following significant investments in other regions.
In late 2024, the firm’s renewables platform Cube Green Energy acquired German agrivoltaics developer SUNfarming, with I Squared targeting to deploy over €500 million (US$581 million) capital expenditure into SUNfarming’s Agri-PV pipeline by 2028.
The German acquisition gave Cube Green Energy an early-mover advantage in Germany’s Agri-PV market, adding to a pipeline of close to 2GW of agrivoltaic capacity.
Earlier in 2024, I Squared Capital also invested up to US$400 million in Brazilian distributed generation company Órigo Energia, funding the development of more than 2GW of distributed generation solar PV projects across 20 states in Brazil.
The investment marked I Squared’s first direct investment in Brazil and demonstrated the firm’s commitment to distributed solar generation in high-growth markets.
Harsh Agrawal, senior partner at I Squared Capital, emphasised the strategic importance of the Australia-New Zealand market.
“ANZA Power was purpose-built to address this challenge. By combining renewable energy generation, battery storage and flexible gas power generation within a single, scaled platform, we aim to deliver clean power that is available when customers need it most, without compromising grid resilience.
“This investment reflects our long-term conviction in the region and our strategy of building high-quality, locally anchored platforms that can grow alongside industrial and commercial customers, support economic development, and contribute meaningfully to the energy transition across Australia and New Zealand.”
The investment reflects I Squared’s long-term conviction in the Asia-Pacific region and its strategy of building high-quality, locally anchored platforms that can grow alongside industrial and commercial customers. Since 2014, I Squared has committed US$7 billion to energy transition initiatives globally.
The Australian and New Zealand renewables and energy storage markets
Australia’s renewable energy sector continues to experience record growth, with solar and battery storage technologies establishing themselves as fundamental components of the electricity system transformation.
PV Tech previously reported that the third quarter of 2025 delivered record performance for both technologies, with grid-scale solar averaging 1,699MW in the National Electricity Market (NEM), marking a new high for the period.
Meanwhile, battery storage deployment accelerated during Q3 2025, with 2,936MW of new capacity and 6,482MWh of energy storage entering the NEM since the end of Q3 2024.
Battery discharge averaged 215MW throughout the quarter, representing a 150% increase from the previous year.
Across the Tasman Sea, New Zealand’s solar energy market is experiencing rapid growth, with installed PV capacity forecast to triple from 715MW in 2025 to 1,800MW by 2030, representing a compound annual growth rate of 20.28%, according to market research platform Mordor Intelligence.
As a result of this growth, battery storage systems are also becoming increasingly relevant as New Zealand moves toward 100% renewable energy generation. Genesis Energy’s 100MW/200MWh BESS at Huntly is expected to enter operations by the end 2026, targeting peak shifting and integration of variable renewables.
Contact Energy’s 100MW BESS at Glenbrook is also under construction for 2026, while Australian developer Eku Energy’s proposed 300MW battery storage system in Waikato signals increased investor confidence.
The Energy Storage Summit Australia 2026 will be returning to Sydney on 18-19 March. It features keynote speeches and panel discussions on topics such as the Capacity Investment Scheme, long-duration energy storage, and BESS revenue streams. To secure your tickets and learn more about the event, please visit the official website. PV Tech Premium subscribers receive an exclusive discount on ticket prices.
