Infrastructure investor Omers to buy 19.4% of India's Azure Power

Azure Power Solar PV Plant (Photo: Business Wire)

August 3 (Renewables Now) - Canadian investor and asset manager Omers Infrastructure has agreed to acquire a 19.4% stake in Indian renewable power producer Azure Power Global Ltd (NYSE:AZRE) for some USD 219 million (EUR 184.4m).

The interest will be purchased from the International Finance Corporation and IFC GIF Investment Company, Omers said on Friday. The buyer noted it already owns and operates more than 2 GW of renewable energy assets in the US through its portfolio company Leeward Renewable Energy.

New Delhi-based Azure Power currently has roughly 2 GW of assets in operation and some 5 GW of awarded projects or schemes under construction.

Commenting on the transaction and Omers’ interest in the Indian renewable energy market, Prateek Maheshwari, managing director for the Canadian firm’s Asian business, said: “In support of our goal of prudently diversifying OMERS investments across global markets, we will continue to explore additional promising opportunities in India and throughout Asia-Pacific.”

The deal is expected to be completed early in August. Ambit Private Limited is acting as Omers’ financial advisor.

(USD 1.0 = EUR 0.842)

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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.

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