Canada Pension Plan Investment Board (CPPIB) and ReNew Power Ventures Pvt. Ltd. (ReNew Power) today announced that CPPIB is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank for US$144 million.
Founded in 2011, ReNew Power is a leading Indian renewable energy developer and operator with clean energy capacity diversified across wind, utility-scale solar and rooftop solar power-producing assets.
“This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund,” said Scott Lawrence, Managing Director, Head of Fundamental Equities, CPPIB. “India’s overall power industry continues to grow and we see solar and wind as attractive clean energy sources to meet the country’s growing demand for electricity. We look forward to a long-term partnership with ReNew Power’s excellent management team which has a proven track record as a reliable, experienced developer and operator with an impressive portfolio built up over the past six years. CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along the transition to renewables.”
Sumant Sinha, Chairman and CEO of ReNew Power said, “We are delighted that CPPIB has chosen to invest in ReNew Power, which is one of India’s leading clean energy companies. We are committed to transform our country’s energy portfolio and CPPIB’s investment in the company will further strengthen our resolve. Asian Development Bank made an equity investment in ReNew Power during our early days in July 2014 and we are thankful to them for their sustained partnership. We will continue to focus on developing and investing in high-quality projects.”
On September 30, 2017, CPPIB’s investments in India totalled C$6.1 billion.
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