CDPQ announces US$100 million investment in Azure Power
La Caisse de dépôt et placement du Québec (CDPQ) has announced that it has increased its stake in Azure Power Global Ltd. (Azure Power) 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 producers with more than 3 GW spread across 23 Indian states. With 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.
CDPQ closed its first investment in the company, worth US$75 million, in October 2016. The investment was made in a concurrent private placement with Azure Power Global's initial public offering.
Country updates
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