I Squared Capital acquires SAF storage in Portland

I Squared Capital recently agreed to acquire 100% of the Zenith Energy Terminal in Portland, Oregon, which is the home of a major renewable diesel and sustainable aviation fuel logistics hub.

The financial terms of the transaction, executed through I Squared’s Energy Transition Infrastructure Fund (ETIF), were not disclosed.

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, I Squared reported. Based in Portland’s Northwest industrial district, the terminal currently includes 1.7 million barrels of storage capacity and multimodal connectivity via rail, marine, truck, and pipeline.

“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,” Gautam Bhandari, I Squared global chief investment officer and managing partner, said in a news release. “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.”

The Zenith terminal is a critical part of Portland’s existing energy infrastructure, the company added. It’s currently the only facility in Oregon with SAF storage and was the origin of PDX’s first SAF delivery in September 2025. The ETIF managed by Miami-based I Squared—which oversees $50 billion in assets—targets projects that “materially contribute” to the energy transition. I Squared’s mandate calls for it to back renewable fuels and clean-energy infrastructure, ensuring 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.

“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,” said Damian Darragh, I squared ETIF partner.