OMERS Infrastructure has signed a stock-purchase agreement to acquire a 19.4 percent stake in Azure Power Global from International Finance Corp. and IFC GIF Investment Company I. The deal is expected to fetch $219 million.
Azure Power is an independent renewable power producer located in India, with an asset base of 2 gigawatts of operational capacity and 5 gigawatts of capacity under construction or awarded. The transaction is expected to close in early August.
“This agreement to invest in Azure Power demonstrates OMERS strong global interest in high-quality renewable power and energy transition assets, as well as our interest in India as an investment destination and Asia Pacific more broadly,” said Annesley Wallace, executive vice president and global head of OMERS Infrastructure. “This transaction directly supports our mission of building a strong portfolio of well-run assets that will help pay pensions to our members over the long term,” she added.
