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CDPQ to raise Azure Power stake in USD-75m share issuance

Azure Power Solar PV Plant (Photo: Business Wire)

November 7 (Renewables Now) - Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) expects to raise USD 75 million (EUR 67.8m) through a private placement of shares to existing investor Caisse de depot et placement du Quebec (CDPQ).

Azure said in a statement on Thursday that it has agreed to place some 6.49 million equity shares at USD 11.55 per share to CDPQ, which, through this transaction, will increase its total shareholding in the Indian company to 49.4% from 41.4%.

"With this capital raise, our current committed projects will be fully equity funded,” commented Ranjit Gupta, CEO of Azure Power.

Azure’s shareholders will meet on December 6 to approve the share issuance. The transaction itself is seen to close by December 17.

(USD 1.0 = EUR 0.904)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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