I Squared Capital has inked a deal to sell a 385 MW U.S. hydro platform to a strategic investor.

Ontario Power Generation is acquiring the portfolio, which comprises 19 small and mid-sized run-of-river and peaking hydro plants on 10 river systems in five states.

Centerview Partners was I Squared’s financial adviser on the deal and the infrastructure fund manager also worked with three law firms—Sidley Austin, Troutman Sanders and Davis Polk & Wardwell.

I Squared owns the hydro platform through portfolio company Cube Hydro Partners and an affiliate called Helix Partners.

"This is the third portfolio company realization in the last twelve months based on the I Squared Capital platform approach, with a total of over $2.8 billion in realized enterprise value," said Sadek Wahba, chairman and managing partner of I Squared, in a statement.

The other portfolio companies the fund manager has sold are U.S. onshore wind developer Lincoln Clean Energy, to Denmark's Ørsted, and Amplus Solar, an Indian rooftop solar provider, to Malaysian energy company Petronas.

The purchase price and enterprise value for the Cube Hydro disposition were not disclosed. The deal is expected to close in the coming months.

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