January 02, 2026 [I Squared Capital]- I Squared Capital (“I Squared”), a leading independent global infrastructure investor, announced that its Energy Transition Infrastructure Fund (“ETIF”) has entered into a definitive agreement to acquire 100% of the Zenith Energy Terminal in Portland, Oregon, a major Renewable Diesel (“RD”) and Sustainable Aviation Fuel (“SAF”) logistics hub on the U.S. West Coast. The terminal is essential to helping Portland and the State of Oregon meet their clean fuel policy goals.
Based in Portland’s Northwest industrial district, the terminal includes 1.7 million barrels of storage capacity and multimodal connectivity via rail, marine, truck and pipeline. As part of an agreement with city officials, the terminal is on track to convert 100% of its fossil fuel storage to renewable fuel by October 2027. It is a critical component of Portland’s existing energy infrastructure and is currently the only facility in Oregon with SAF storage. The terminal was the origin of PDX’s first-ever SAF delivery in September of this year.
Commenting on the acquisition, Gautam Bhandari, I Squared Capital Global Chief Investment Officer & Managing Partner, said: “We see significant opportunity for the Portland facility and look forward to deepening our commitment to the region by moving the new headquarters to Portland and hiring a local management team. We believe the terminal is uniquely positioned to become one of the West Coast’s leading renewable fuel hubs, supported by strong structural demand for low-carbon fuels and a broad shift toward sustainable transportation solutions.”
Damian Darragh, Fund Partner, I Squared Energy Transition Infrastructure Fund said: “At I Squared we are committed to investing in local leadership, transparent operations, world-class safety standards, strong partnerships with Portland and Oregon stakeholders, and supporting a steady transition from fossil fuels to a cleaner future.”
As an SFDR Article 9 fund, the ISQ Energy Transition Infrastructure Fund is targeting projects that materially contribute to the energy transition. With a mandate to back renewable fuels and clean-energy infrastructure, this investment ensures that the Portland terminal continues to be aligned with the long-term decarbonization and resilience goals of the city of Portland and the state of Oregon, as well as furthering the Fund’s ambition to deliver a more sustainable future.
The transaction is subject to customary regulatory approvals and closing conditions. Financial terms were not disclosed.
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