CDPQ becomes Azure Power’s majority shareholder

Ted Liu

Caisse de dépôt et placement du Québec (CDPQ) through CDPQ Infrastructure Asia Pte Ltd. acquired an additional 717,701 shares from a shareholder of Azure Power Global Limited (NYSE: AZRE) in a privately negotiated transaction at a price of US $13.40 per share for an aggregate purchase price of US $9,617,193.4.

Following the acquisition, CDPQ increased its holding 24,259,272 shares, representing 50.9% of the outstanding shares of Azure Power Global Limited.

On December 13, 2019, CDPQ Infrastructures acquired 6,493,506 newly issued Shares in a private placement transaction at a price of US $11.55 per share for an investment of US $75 million to increase its stake to 49.5%.

In October 2018, CDPQ Infrastructure Asia invested US $100 million (at US $15.00), as part of US $185 million public offering by Azure Power, to increase its stake to 40.3%.

On October 17, 2016, CDPQ Infrastructures initially invested in Azure Power in October 2016, acquiring 4,166,667 newly issued shares in a private placement transaction at US $18.00 per share for an investment of US $75 million.

New Delhi, India based Azure Power is a leading independent solar power producer with a pan-India portfolio of over 7 GWs. With its in-house engineering, procurement and construction expertise and advanced inhouse operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes since its inception in 2008.

photo credit: Azure Power

News Release

CDPQ increases its stake in Azure Power

CDPQ is now the majority shareholder with a stake of 50.9%

NEW DELHI and MONTRÉAL, March 9, 2020 /CNW Telbec/ – Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India, announced that Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, acquired an additional 717,701 shares from a shareholder of AZRE. After acquiring the additional shares, CDPQ is the direct owner of 24,259,272 shares of AZRE, which represent 50.9% of the outstanding shares of Azure Power Global Limited.

Speaking on this occasion, Mr. Ranjit Gupta, Chief Executive Officer, Azure Power said, “This new investment by CDPQ is a recognition of Azure Power’s leading solar development platform in India. By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth.”

“This additional investment represents a new chapter in our partnership with Azure Power,” added Mr. Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “We have built a relationship over the years, deepening our understanding of every aspect of Azure Power: its assets, its operations and its people. We are excited to continue supporting them for the next phase of their growth in the promising Indian solar energy sector.”

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-India portfolio of over 7 GWs. With its in-house engineering, procurement and construction expertise and advanced inhouse operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes since its inception in 2008. For more information, visit: www.azurepower.com.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2019, it held CA$340.1 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

SOURCE Caisse de dépôt et placement du Québec

For further information: Azure Power – Investor Contact: Nathan Judge, CFA, ir@azurepower.com, Investor Relations, Azure Power; Azure Power – Media Contact: Samitla Subba, pr@azurepower.com, +91-11-4940-9800, Policy and Communications, Azure Power; CDPQ – Media Contact: +1 514 847-5493, medias@cdpq.com