CDPQ increases Azure Power Global stake to 40.3%

Caisse de dépôt et placement du Québec (CDPQ) has increased its stake in Azure Power Global Limited (NYSE: AZRE) to 40.3% as result of a US $100 million contribution to the company’s recent capital raising (all figures in US dollars).

On October 10, 2108, Azure Power Global completed underwritten public offering of 14,800,000 equity shares at $12.50 per equity share for gross proceeds of $185 million.

CDPQ Infrastructure Asia Pte Ltd. acquired 8 million shares for $100 million. IFC GIF Investment Company I and International Finance Corporation (IFC) have indicated to subscribe $40 million and $10 million respectively.

CDPQ Infrastructure now holds 16,443,567 Azure Power shares or 40.3% of outstanding shares.

New Delhi, India based Azure Power is an independent solar power producer with a pan-Indian portfolio. With its in-house engineering, procurement and construction expertise and advanced in-house 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, from utility scale to rooftop, since its inception in 2008.

photo credit: Azure Power Global

News Release

CDPQ increases its stake in Azure Power, an Indian leader in solar power, to 40%

INFRASTRUCTURE
MONTRÉAL, OCTOBER 17, 2018

La Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, today announced it has increased its stake in Azure Power Global Ltd. (Azure Power), a leading player in solar energy, to 40% through a US$100 million contribution to the company’s recent capital raising. This new investment in Azure Power brings the total amount invested by CDPQ to US$240 million.

Azure Power is one of India’s largest independent solar power producer with a pan-Indian portfolio of more than 3 GW spread across 23 Indian states. With its in-house engineering, procurement and construction expertise and advanced in-house 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, from utility scale, rooftop to mini & micro grids, since its inception in 2008.

“Through this investment, we are reaffirming our commitment to Azure Power and our willingness to support its growth. Azure Power is a leader in the fast-growing sector of solar power in India, a priority market for CDPQ, and has a high-quality management team that possesses thorough knowledge of the industry. Furthermore, this transaction fits perfectly with CDPQ’s desire to contribute, as an investor, to a global low-carbon economy,” said Mr. Emmanuel Jaclot, Executive Vice-President, Infrastructure at CDPQ.

“CDPQ’s successive investments into Azure Power since we went public on NYSE in 2016 are a strong testament of our leading solar power platform in India. CDPQ’s new investment enables our continued organic growth of highest quality solar power assets and our contribution towards realization of India’s Hon’ble Prime Minister’s commitment towards clean and green energy”, said Mr. Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer at Azure Power.

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 June 30, 2018, it held CA$308.3 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.

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For more information
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Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.