Azure Power Solar Power Plant (Photo: Business Wire)
Caisse de depot et placement du Quebec (CDPQ) has spent USD 100 million (EUR 87m) on increasing its ownership in Azure Power Global Ltd (NYSE:AZRE) and now holds a 40% stake in the Indian solar power producer.
The Canadian institutional investor announced the move on Wednesday, saying that its total investment in Azure Power has now reached USD 240 million.
Inderpreet Wadhwa, founder, chairman and CEO of Azure Power, commented that the latest investment by CDPQ allows the company to continue its organic growth. Azure Power’s pan-Indian portfolio includes more than 3 GW of solar parks spread across 23 Indian states.
The latest backing was made through CDPQ’s participation in a recent capital hike at the Indian firm. In early October, Azure Power said it had priced an underwritten public offering of 14.8 million equity shares at USD 12.5 apiece, looking to raise up to USD 200 million.