CDPQ increases its stake in Azure Power, an Indian leader in solar power, to 40%

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Caisse de dépôt et placement du Québec

Oct 17, 2018, 07:31 ET

MONTRÉAL, Oct. 17, 2018 /PRNewswire/ - La Caisse de dépôt et placement du Québec (CDPQ), a long‑term institutional investor, today announced it has increased its stake in Azure Power Global Ltd. (Azure Power), a leading player in solar energy, to 40% through a US$100 million contribution to the company's recent capital raising. This new investment in Azure Power brings the total amount invested by CDPQ to US$240 million.

Azure Power is one of India's largest independent solar power producer with a pan-Indian portfolio of more than 3 GW spread across 23 Indian states. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes, from utility scale, rooftop to mini & micro grids, since its inception in 2008.

"Through this investment, we are reaffirming our commitment to Azure Power and our willingness to support its growth. Azure Power is a leader in the fast-growing sector of solar power in India, a priority market for CDPQ, and has a high-quality management team that possesses thorough knowledge of the industry. Furthermore, this transaction fits perfectly with CDPQ's desire to contribute, as an investor, to a global low-carbon economy," said Mr. Emmanuel Jaclot, Executive Vice-President, Infrastructure at CDPQ.

"CDPQ's successive investments into Azure Power since we went public on NYSE in 2016 are a strong testament of our leading solar power platform in India. CDPQ's new investment enables our continued organic growth of highest quality solar power assets and our contribution towards realization of India's Hon'ble Prime Minister's commitment towards clean and green energy", said Mr. Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer at Azure Power.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held CA$308.3 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

SOURCE Caisse de dépôt et placement du Québec