CLP India Now Becomes Apraava Energy
After powering India for almost two decades as a diversified provider of low-carbon energy, CLP India has announced its new corporate identity as Apraava Energy.
October 27, 2021. By Manu Tayal
Apraava Energy has been jointly owned by the CLP Group, one of Asia’s largest investor-owned power businesses, and Caisse de dépôt et placement du Québec (CDPQ), a global investment group.
The company will seek to encourage participation from local shareholders in the medium term.
It has set a target to double its existing energy portfolio in the next 3 to 4 years, contributing to the country’s 450 GW of renewable energy target by 2030.
Broadening its horizon, the company is planning to further expand its power transmission business and pursue possibilities in electricity distribution. As the power sector gets privatized, the company will proactively focus on foraying into low-carbon customer-focused energy businesses.
Commenting on the development, Rajiv Ranjan Mishra, Managing Director of Apraava Energy, said “As we embark on a new chapter in our growth story, Apraava Energy remains committed as ever to our country and our stakeholders. Apraava Energy will support India’s ambitions of providing clean and sustainable energy to all in the development of a low-carbon nation. In the next five years, we want to be a leader in renewable power generation and achieve significant success in our transmission and distribution businesses. Our principles and values and the culture that we have nurtured since our inception will continue to be at the core of everything we do for our stakeholders. We are focused on building a sustainable power company that epitomises energy in action.”
“Apraava Energy is now ranked among the top-10 private power producers in India, as our investment in the country has come a long way since 2002. In all markets where we have investments, CLP’s vision has always been to build long-term, sustainable businesses. India is on an ambitious drive to be one of the world’s leading centres of clean energy and we are proud to be part of this journey along with our partner CDPQ. We are confident that Apraava Energy, with its new vision, will be an important contributor to India’s new energy future,” said Richard Lancaster, CEO of CLP Holdings.
On the other hand, Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said, “Apraava Energy is one of our core investments in India’s power sector. In recent years, the company has steadily grown its low-carbon portfolio, and it now has a powerful vision for the role it intends to play in India’s energy sector across generation, transmission and distribution. As part of our commitments to reduce by 60 per cent our portfolio’s carbon intensity by 2030, we are backing Apraava’s strategy, and we will continue to support India’s transition towards clean energy.”
Meanwhile, the company has pledged to positively impact 2 million lives by 2025 through its community investments. The major focus will be on climate actions, including mass tree plantation, care for biodiversity and clean air through crop residue management initiatives.
To date, the company has issued 13.14 million units of carbon offsets, which equates to the avoidance of 13.14 million tonnes of carbon dioxide emission to the atmosphere.
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