NYSE listed Azure Power Global Limited, an independent renewable energy developer in India, announced that OMERS Infrastructure has acquired 19.4 per cent in Azure Power Global Limited from International Finance Corporation (IFC) and IFC GIF Investment Company I, for US$219 million.
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver sustainable, affordable and meaningful pensions to OMERS members.
“This transaction supports OMERS’ goal to prudently diversify its investments in quality assets in India. Azure Power has been leading energy transformation in India and we are pleased to be associated with the organisation. We look forward to working with the management to capitalise on growth opportunities.” stated Prateek Maheshwari, Managing Director, OMERS Infrastructure.
Azure Power developed India’s first private utility scale solar project in 2009 and has been at the forefront in the sector as a developer, constructor and operator of utility scale renewable projects since its inception in 2008.
Azure Power manages the entire development and operation process, providing low-cost renewable power solutions to customers throughout India.
Ranjit Gupta, Chief Executive Officer, Azure Power said, “IFC has been one of the early investors in Azure Power and has been instrumental in Azure Power’s growth story. We are thankful to both IFC and IFC GIF for their long-term partnership. Indian renewable market continues to offer significant growth opportunities and the purchase of IFC/IFC GIF stake by OMERS infrastructure is a recognition of Azure Power as a leading renewable platform in India. This partnership will continue to strengthen our access to long term patient capital and further improve our capability to deliver accretive growth.”
Deals in the Indian renewable energy sector is on the rise, as India has set itself a target of generating 175 GW through RE by 2025. Recently, US investment firm Augment Infrastructure invested $220 million in renewable energy company CleanMax.