I Squared Capital and its portfolio company, Low Carbon Infrastructure (LCI) announced a clean energy partnership with Google to develop Broadwing Energy, a 400-megawatt natural gas-fired cogeneration power plant integrated with carbon capture and sequestration (CCS) technology. This project will also generate more than 1.5 million pounds of steam per hour and is designed to capture and permanently store over 90% of its CO₂ emissions, marking a significant step forward in advancing low-carbon, firm power generation in the US.
This collaboration represents the first-ever corporate offtake agreement for a CCS-enabled power plant, establishing a model for scaling reliable, clean energy generation that complements renewable power. Once operational, Broadwing Energy will serve as a blueprint for how private investment, corporate partnerships, and advanced carbon management technologies can work together to accelerate the energy transition.
Broadwing Energy is being developed on an existing Archer Daniels Midland (ADM) site in Decatur, Illinois, leveraging ADM’s proven track record in CO₂ sequestration, which includes more than a decade of safe underground storage operations. The facility will utilize Mitsubishi Power’s M501JAC gas turbine, a highly efficient model that maintains stable output while reducing emissions. Captured carbon dioxide will be compressed and permanently stored over a mile underground in ADM’s EPA Class VI-approved wells, ensuring long-term containment.
Kiewit Power Constructors is leading engineering, procurement, and construction services for the project. The project is expected to reach its final investment decision in the second quarter of 2026, with commercial operations targeted for 2030.
The deal aligns with Google’s ambition to run all of its global operations on 24/7 carbon-free electricity by 2030. While Google has procured over 22 gigawatts of renewable power through more than 170 agreements since 2010, the company’s growing data center demand has prompted the need for reliable, around-the-clock clean energy. By incorporating CCS-enabled natural gas generation, Google is addressing one of the hardest-to-decarbonize segments of the power sector: firm generation that supports grid stability during renewable intermittency.
The initiative will provide both economic and environmental benefits for Illinois and beyond. During the four-year construction period, the project is expected to create approximately 650 union craft labor jobs and 100 construction management and support positions. Once operational, it will sustain dozens of permanent, high-quality jobs in the Decatur region. LCI has actively engaged with local stakeholders and plans to continue these efforts throughout the life of the project to ensure community collaboration and long-term regional investment.
Broadwing Energy represents the first in a pipeline of CCS-enabled power generation facilities planned by I Squared Capital and LCI across North America. These projects are part of a broader effort to expand clean, firm generation capacity to meet increasing electricity demand while reducing industrial emissions.
Under this PPA, Google will pay for both the electricity and the carbon capture process, receiving emissions-reduction credits via a new type of Energy Attribute Certificate (EAC) designed with The NorthBridge Group. The EAC functions similarly to a renewable energy certificate (REC) but accounts for the remaining small percentage of lifecycle emissions inherent in CCS-enabled power.
Expected to begin operations in 2029, the Broadwing Energy Center will rank among the world’s first natural gas-fired power plants to integrate carbon capture at scale. The facility will deploy Mitsubishi Heavy Industries’ proven capture technology, which has been refined over two decades and is backed by a performance guarantee to minimize technical risk. Strategically located alongside ADM’s biorefinery, the project will utilize an existing geologic CO₂ storage formation that has already safely sequestered more than four million tons of CO₂ since 2011.
As a combined heat and power (CHP) plant, Broadwing will supply both electricity and steam to ADM’s industrial processes. This configuration ensures continuous operation and efficient use of captured heat, which will also power the carbon capture process itself—enhancing both cost and energy efficiency compared to retrofit models.
I Squared Capital, a global infrastructure investor managing $50 billion in assets, is focused on building and scaling essential infrastructure across sectors such as energy, utilities, transport, digital infrastructure, and environmental services. The firm’s portfolio includes over 90 companies operating in more than 70 countries, supported by a team of more than 300 professionals across offices in Miami, Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, and Taipei.
KEY QUOTES:
“This partnership underscores how private investment, technology innovation, and corporate energy demand can come together to deliver scalable climate solutions. At I Squared, we are focused on building the next generation of clean, reliable, and resilient infrastructure — and Broadwing Energy is a defining example of that mission.”
Gautam Bhandari, Global Chief Investment Officer and Managing Partner, I Squared Capital
“Broadwing demonstrates that carbon capture can be commercially viable today. Working alongside I Squared and Google, we’re proving that low-carbon power can be both affordable and reliable, while driving job creation and community investment.”
Jonathan Wiens, Chief Executive Officer, Low Carbon Infrastructure
“By entering into this agreement with LCI, we hope to help prove and scale a valuable source of clean, firm power. We’re excited to support LCI in their pioneering efforts, both at Broadwing Energy and across the broader portfolio they are developing in the U.S.”
Michael Terrell, Head of Advanced Energy, Google
“I am proud that Google, I Squared Capital, and Low Carbon Infrastructure have chosen the ADM site in Decatur for their groundbreaking partnership to develop a carbon capture-equipped power plant. This is another clear indication of Illinois’ leadership in the field of clean technology innovation and will bring significant investment and quality jobs to the region.”
Governor JB Pritzker, State of Illinois
