Piramal\, Canadian pension fund set up $600 million renewable energy trust

Piramal, Canadian pension fund set up $600 million renewable energy trust

The Canada Pension Plan Investment Board will initially contribute $360 million to the fund with Piramal adding $90 million, the Indian conglomerate saidREUTERS  |  May 07, 2019, 15:44 IST
Piramal, Canadian pension fund set up $600 million renewable energy trust BENGALURU: Piramal Enterprises Ltd said on Tuesday it had signed a memorandum of understanding (MoU) with Canada's biggest public pension fund to co-sponsor a $600 million infrastructure trust focused on renewable energy.

The Canada Pension Plan Investment Board (CPPIB) will initially contribute $360 million to the fund with Piramal adding $90 million, the Indian conglomerate said.

The remaining amount will be raised from other investors, Mumbai-based Piramal said.

CPPIB will hold up to 60 percent stake in the trust, while Piramal will own 15 percent.