OMERS Acquires Stake in Indian Solar Energy Company Azure Power | News

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Canadian pension fund OMERS acquired a 19.4% stake in an Indian solar energy company for $ 219 million (184 million euros) from the International Finance Corporation (IFC) of the World Bank and its infrastructure fund.

Azure Power, founded in 2008 and listed on the New York Stock Exchange in 2016, has a portfolio of solar assets across India providing 2 GW of operational capacity and an additional 5 GW of capacity under construction or assigned.

The acquisition is the second direct infrastructure transaction in India by OMERS, following an investment in the IndInfravit toll highway platform in 2019.

“In support of our goal of prudently diversifying OMERS investments into global markets, we will continue to explore other promising opportunities in India and throughout Asia-Pacific,” said Prateek Maheshwari, Managing Director for Asia at OMERS Infrastructure.

OMERS Executive Vice President and Global Head of Infrastructure Annesley Wallace said, “This Azure Power investment agreement demonstrates OMERS ‘strong global interest in high quality renewable energy assets. and energy transition, as well as our interest in India as an investment destination. and Asia-Pacific more broadly.

“This transaction directly supports our mission to build a strong portfolio of well-managed assets that will help pay our members’ pensions over the long term. “

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