CPP Investments, I Squared, Inkia Energy Merger Cleared

Case M.12373 - CPP INVESTMENTS / I SQUARED /

INKIA ENERGY

Only the English text is available and authentic. REGULATION (EC) No 139/2004

MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 31/03/2026

In electronic form on the EUR-Lex website under document number 32026M12373

EUROPEAN COMMISSION DG Competition

Brussels, 31.3.2026 C(2026) 2318 final

PUBLIC VERSION

Canada Pension Plan Investment Board Av. Brigadeiro Faria Lima 4300 - 14ºandar São Paulo 04538-132 Brasil I Squared Capital Advisors (US) LLC 600 Brickell Avenue, PH Miami, FL 33131 United States

Subject: Case M.12373 - CPP INVESTMENTS / I SQUARED / INKIA ENERGY Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European 1 Economic Area ( ) 2

Dear Sir or Madam, (1) On 9 March 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Canada Pension Plan Investment Board ('CPP Investments', Canada) and I Squared Capital Advisors (US) LLC ('I Squared', US) controlled by ISQ Holdings, LLC (Cayman Islands), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation, joint control over the whole of the undertakings Inkia Americas S.A.C., Kallpa Generación S.A. and Orazul Energy Perú S.A. (together and along with their subsidiaries, 'the Target Companies', Peru), currently controlled by ISQ Holdings, LLC (Cayman Islands), by way of purchase of shares. ( ) 3

() OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty 1 on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision. () OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 2 () OJ C, C/2026/1796, 17.3.2026. 3

EUROPEAN COMMISSION

(2) The business activities of the undertakings concerned are the following: - CPP Investments is a professional investment management organisation that invests the funds transferred to it by the Canada Pension Plan (CPP Fund) that are not needed by the CPP Fund to pay current benefits in the best interests of more than 22 million contributors and beneficiaries. In order to build a diversified portfolio of assets, CPP Investments invests around the world in public and private equities, real estate, infrastructure, and fixed income instruments, - I Squared is an independent fund manager, registered as an investment advisor with the United States Securities and Exchange Commission that specialises in investing and managing infrastructure assets globally, with a focus on Europe, North America, Asia, and Latin America, - Inkia Americas S.A.C. is a holding company dedicated to the management of its owned shares. Kallpa Generación S.A. and Orazul Energy Perú S.A. are companies dedicated to the generation and commercialisation of energy and electrical power in Peru. (3) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. ( ) 4 (4) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission

(Signed)

Linsey MCCALLUM

Director-General (acting) Directorate-General for Competition

() OJ C 160, 5.5.2023, p. 1 (the 'Notice on a simplified treatment'). 4