Canada Pension Plan Investment Board Invests US$144 mn in ReNew Power

Canada Pension Plan Investment Board (CPPIB) and ReNew Power Ventures Pvt Ltd (ReNew Power) have announced that CPPIB is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank for US$144 million. “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.  CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along the transition to renewables.” On September 30, 2017, CPPIB’s investments in India totalled C$6.1 billion.