CDPQ to invest $75 mn more in Azure Power

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CDPQ to invest $75 mn more in Azure Power

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Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) plans to invest an additional $75 million in Indian solar power developer Azure Power Global Ltd.

CDPQ’s stake in Azure Power will increase from 41.4% to 49.4% after the investment, the pension fund said in a statement.

The transaction is subject to the approval of Azure Power’s shareholders and other customary closing conditions, CDPQ said, adding that it expects the deal to be complete in December.

CDPQ had first invested in Azure Power in September 2016. The initial investment of $75 million, which was CDPQ’s first India deal, was made just before Azure Power listed on the New York Stock Exchange. Last year, the pension fund invested an additional $100 million more.