Omers Infrastructure buys 19.4% of India's Azure Power

Azure Power Solar Power Plant (Photo: Business Wire)

August 10 (Renewables Now) - Canadian investor and asset manager Omers Infrastructure has finalised the acquisition of a 19.4% stake in Indian renewable power producer Azure Power Global Ltd (NYSE:AZRE).

The interest was purchased from the International Finance Corporation and IFC GIF Investment Company for a total consideration of USD 219 million (EUR 186.5m), the buyer said on Monday.

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. Those will be added to Omers’ 2-GW renewable energy portfolio in the US, which it operates through portfolio company Leeward Renewable Energy.

"This transaction supports Omers' goal to prudently diversify its investments in quality assets in India,” said Prateek Maheshwari, managing director of Omers Infrastructure. The Canadian firm previously expressed its commitment to pursue “promising opportunities” in India and the Asia-Pacific in support of its goal to diversify its business across global markets.

(USD 1.0 = EUR 0.852)

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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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