Canadian pension fund buying USD-144m stake in India's ReNew Power

Wind farm in India. Author: Suzlon Group. License: All Rights Reserved.

January 22 (Renewables Now) - Canada Pension Plan Investment Board (CPPIB) is paying USD 144 million (EUR 118m) for a minority stake in Indian renewables developer and operator ReNew Power Ventures Pvt Ltd

The two parties said in a joint statement today that the Toronto-based investment management organisation is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank (ADB). The lender made its own equity investment in ReNew Power in July 2014.

ReNew Power is an independent power producer (IPP) that develops wind, utility-scale solar and rooftop solar projects in India. A year ago, ADB’s board approved providing a USD-390-million financing package to support the company in developing renewables.

“CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along the transition to renewables,” said Scott Lawrence, Managing Director, Head of Fundamental Equities, CPPIB.

(USD 1.0 = EUR 0.816)

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