OMERS to buy 19.4% stake in Azure from IFC for $219 mn

NEW DELHI: Deals galore in India’s clean energy space. Attracted by India’s green economy, Canadian pension fund Ontario Municipal Employees’ Retirement System announced its plan to purchase a 19.4% stake in NYSE-listed Azure Power Global Ltd for $219 million from World Bank’s private-sector development arm International Finance Corporation and IFC GIF Investment Co. Mint earlier reported about IFC, German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft, and Canadian pension fund CDPQ were exploring a sale of their stakes in Azure Power, India’s first renewable energy company to list on the US stock market. “This agreement to invest in Azure Power demonstrates OMERS strong global interest in high- quality renewable power and energy transition assets, as well as our interest in India as an investment destination and Asia-Pacific more broadly,” said Annesley Wallace, executive vice president and global head of OMERS Infrastructure in a statement issued late on Friday night. “The closing of this transaction would mark our second direct infrastructure investment in India, following our 2019 investment in the IndInfravit toll road platform,” added Prateek Maheshwari, managing director, Asia, OMERS Infrastructure in the statement.