HEXA Renewables, an Asian clean energy platform established by I Squared Capital, has launched a process to raise additional equity for project development, according to two sources familiar.

The Taiwan-headquartered developer is aiming to add another minority investor and has begun talks to sound interest, the sources said. It is not using an external financial advisor.

HEXA hopes to raise individual pools of capital for each market in which it operates, though it remains unclear how a new investor will structure its holdings, said one of the sources.

It is in advanced development stages for the 36 MW Fangyuan onshore wind project in Changhua, Taiwan, according to its website. It is also developing the 175 MW Yunlin Kouhu aquaculture solar PV project in Taiwan and has a 112 MWp mid-sized ground mount solar portfolio under development in Japan.

In South Korea, it has 74 MWp of solar PV projects under construction or development, its website shows. Elsewhere, HEXA has agreed to develop a 1 GW hybrid solar PV plant in southern peninsular Malaysia.

The developer also has a ready-to-build 100MW/300MWh energy storage project in southern Taiwan and is developing similar projects in Japan and Malaysia.

HEXA was in exclusivity with Chinese solar PV inverter maker Sungrow for a 100 MW development-stage solar portfolio in the Philippines. The transaction was concluded at the end of last year with HEXA as the buyer, one of the sources said.

In India, HEXA in November was awarded 300 MW by NTPC to develop firm and dispatchable renewable energy projects.

The same month HEXA commissioned the 373 MW offshore floating solar plant in Changhua County, after building an additional 192 MW capacity. The project’s first phase of 181 MW was developed by Chenya Energy, a former subsidiary of I Squared.

HEXA Renewables and Sungrow did not respond to requests for comment.  I Squared Capital declined to comment.

Established in 2020, HEXA is looking to invest more than USD 5bn in up to a 5 GW portfolio of development and operational renewable energy and battery storage, its website shows.

Miami-headquartered I Squared Capital has invested in nearly 6 GW of renewable energy worldwide. It owns HEXA via its energy transition, global equity, and growth markets strategies.

[Editor’s Note: The article has been updated post-publication to note that I Squared Capital declined to comment.]