On 07 May 2019
Piramal Enterprises announced that the Company signed a Memorandum of Understanding (MoU) with Canada Pension Plan Investment Board (CPPIB), a Canadian pension fund, to co-sponsor a renewable energy focused Infrastructure Investment Trust (InvIT). With an initial corpus of US$ 600 million, and the option to scale further, the InvIT would seek to acquire up to 1.5-2GW of stable and cash generating renewables assets on a hold-to-maturity basis, with a firm focus on diversification of both asset type as well as off-taker profile. Both PEL and CPPIB will act as Co-Sponsors of the proposed InvIT and hold up to 75% of the units (with CPPIB committing US$360m and holding up to 60%; PEL committing US$90m and holding 15% ) and seek to raise capital from other like-minded investors for the remaining 25%. IPowered by Capital Market - Live News
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