OMERS Infrastructure to Pay $219 M for 19.4% Stake in Azure Power

Aug 2, 2021 10:10 AM ET
  • OMERS Infrastructure has actually tattooed a contract with International Finance Corporation and IFC GIF Investment Company I to make the purchase.

"The closing of this purchase would certainly mark our 2nd straight infrastructure financial investment in India, following our 2019 investment in the IndInfravit toll road platform," claims Managing Director, Asia.

Canada-based OMERS Infrastructure just recently announced that it has actually signed a Stock Acquisition Agreement to get from International Finance Corporation and IFC GIF Investment Company I a roughly 19.4% stake in Azure Power Global Limited, for a complete consideration of around US$ 219 million.

Founded in 2008, Azure Power is a leading independent eco-friendly power manufacturer situated in India, with an asset base of approximately 2 GW of operational capacity and also around 5 GW of capability unfinished or granted. It was also the first, as well as just India focused solar designer to be listed in an US (NYSE) stock market.

"This arrangement to buy Azure Power demonstrates OMERS strong worldwide rate of interest in high-quality sustainable power and also energy change assets, along with our rate of interest in India as a financial investment location and also Asia-Pacific a lot more generally," claimed Annesley Wallace, Executive Vice Head Of State and Global Head of OMERS Infrastructure.

"This deal straight sustains our mission of constructing a solid portfolio of well-run properties that will certainly assist pay pensions to our participants over the long term," she added.

"Azure Power's vision is to offer inexpensive, clean power in a reliable, sustainable as well as socially-responsible way. OMERS is proud to be dealing with the administration and also our fellow financiers to help Azure Power achieve its objectives," said Prateek Maheshwari, Managing Director, Asia, OMERS Infrastructure.

"The closing of this deal would certainly mark our second direct infrastructure investment in India, following our 2019 investment in the IndInfravit toll road platform. In support of our goal of reasonably branching out OMERS financial investments across worldwide markets, we will remain to check out additional encouraging opportunities in India as well as throughout Asia-Pacific," he added.

OMERS Infrastructure's worldwide renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy business that owns as well as runs a portfolio of 22 renewable energy facilities across nine U.S. states, amounting to greater than 2 GW of installed capability. Leeward is headquartered in Dallas, Texas.

The purchase is anticipated to enclose very early August. Ambit Private Limited functioned as financial expert to OMERS Infrastructure.

Besides its existing portfolio, Azure was among the two winners of the production lined solar tender, where it won a part for 4 GW of solar capacity as well as a 1 GW solar manufacturing established. Leads or this project have actually brightened this year, after being stuck for absence of buyers at discom level for the power to be produced.

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