March 9 (Renewables Now) - Caisse de depot et placement du Quebec (CDPQ) has become the majority shareholder of Indian solar power producer Azure Power Global Ltd (NYSE:AZRE), the latter announced on Monday.
CDPQ, an existing investor in the Indian firm, has purchased an additional 717,701 of Azure Power’s stock in a transaction that has lifted its shareholding to 50.9%. The Canadian institutional investor is now the direct owner of 24,259,272 shares of Azure Power. Financial details of the deal were not available.
"By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth," said Azure Power’s CEO Ranjit Gupta.
In December 2019, Azure Power closed a USD-75-million (EUR 65.6m) private placement of equity shares through which CDPQ boosted its shareholding in the Indian solar company to 49.4% from 41.4%.
(USD 1.0 = EUR 0.875)