CLP Group, one of the largest investor-owned power businesses in Asia, has agreed to sell a 10 percent stake in Apraava Energy, a diversified power company headquartered in Mumbai, to CDPQ, bringing their respective stakes in the company to 50 percent.
The total consideration for the transaction is around INR 6.6 billion ($83 million).
CDPQ first became a strategic shareholder in Apraava Energy in 2018 with the acquisition of a 40 percent stake. Since then, Apraava Energy has successfully undertaken a number of energy-transition-related investments. Building on this, Apraava Energy will have a sharper and dedicated focus in the investment and development of clean energy and power-transmission projects.
“Ever since our investment in Apraava Energy nearly four years ago, CDPQ has strived alongside CLP to transform Apraava into a true sustainability leader equipped with a clear plan to transition to renewable energy,” said Emmanuel Jaclot, executive vice presid