Canadian Pension Fund to invest Azure Power
Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) plans to acquire a 35% stake in Indian solar power developer Azure Power. The pension fund will reportedly invest US$180 million in the company to acquire 35% stake. Another Canadian company – Brookfield – was also reportedly looking to invest in the company, eyeing a minority stake in Azure Power for Rs 500 crore (US$75 million). Azure Power is among the pioneering solar power project developers in India. The company set up the first utility-scale solar power project in India in 2009. It also claims to have the largest portfolio under the National Solar Mission with 900 MW capacity at various stages of operation and development across 15 states.
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