Canadian Pension Fund To Invest In Indian Solar Developer Azure Power
A new foreign investor is looking to enter the Indian renewable energy market with a possible investment in one of the leading solar power developers.
According to media reports, Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) plans to acquire a 35% stake in Indian solar power developer Azure Power. The pension fund will reportedly invest US$180 million in the company to acquire 35% stake.
Exiting investors in Azure Power International Finance Corporation (IFC) — Foundation Capital, Helion Ventures, and German development bank DEG — are expected to sell a portion of their stake.
Another Canadian company – Brookfield – was also reportedly looking to invest in the company, eyeing a minority stake in Azure Power for Rs 500 crore (US$75 million).
Azure Power is among the pioneering solar power project developers in India. The company set up the first utility-scale solar power project in India in 2009. It also claims to have the largest portfolio under the National Solar Mission with 900 MW capacity at various stages of operation and development across 15 states.
The company is working on 11 additional projects with a combined capacity of 244 MW. It recently won 150 MW in an auction under the Punjab solar power policy and another 100 MW in Andhra Pradesh. The company operates the largest solar power project (100 MW) commissioned under the National Solar Mission central government auctions.
Azure Power has pledged to install 11 GW of solar power capacity over the next 5-7 years.
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