Omers to buy 19.4% stake in Azure Power

OMERS Infrastructure has signed a Stock Purchase Agreement to acquire from International Finance Corporation and IFC GIF Investment Company I a 19.4% stake in Azure Power Global Limited, for a total consideration of approximately US$219 million.

Founded in 2008, Azure Power is a leading independent renewable power producer located in India, with an asset base of ~2 GW of operational capacity and ~5 GW of capacity under construction or awarded.

The transaction is expected to close in early August. Ambit Private Limited acted as financial advisor to OMERS Infrastructure.