CDPQ Raises Stake in Azure Power to 40% via $100 Mn Addl Investment

Post this new investment, the total amount invested by CDPQ in Azure Power grew to USD 240 million.

Canada’s one of the leading institutional fund managers, La Caisse de dépôt et placement du Québec (CDPQ) has raised its shareholding in Azure Power Global, India-based solar firm, to 40 percent through USD 100 million contribution to the company’s recent capital raising.

Post this new investment, the total amount invested by CDPQ in Azure Power grew to USD 240 million.

Commenting on the development, CDPQ, Executive Vice-President, Infrastructure, Emmanuel Jaclot said, “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.”

Azure Power is one of the country’s largest independent solar power producer with a pan-Indian portfolio of more than 3 GW spread across 23 Indian states.

“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 Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer at Azure Power.