CPPIB to acquire ADB’s 6.3 per cent stake in ReNew power
CPPIB will acquire 6.3% stake held by Asian Development Bank in the company, ReNew Power said in a statement.
The Canadian pension money manager will become the third largest investor in the company with the transaction.
ET reported about a potential transaction on Nov 29, 2017.
ReNew, which is competing neck and neck with Tata Power Renewable Energy to be the biggest renewable energy company in the country, has around 2500 MW of commissioned wind and solar energy assets, with another 1000 MW under construction or development.
Since its inception in January 2011, it has attracted a string of marquee investors including Goldman Sachs, Global Environment Fund, Abu Dhabi Investment Authority, JERA and ADB.
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. "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," he said.
CPPIB is one of the most aggressive global investors in the country. As on September 30, 2017, CPPIB's investments in India totalled 6.1 billion Canadian dollar.
