•  
  •  
  •  

CDPQ ups stake in India's Azure Power to 50.9%

Solar park in Rajasthan. Source: Azure Power. All rights reserved.

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)

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription