CPPIB to acquires 6.3% stake for $144 million in ReNew Power
On January 22, Canada Pension Plan Investment Board (CPPIB) and ReNew Power Ventures Pvt Ltd (ReNew Power) said it is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank for $144 million.The deal was completed on January 31, 2018. “This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund,” stated Scott Lawrence,...
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On January 22, Canada Pension Plan Investment Board (CPPIB) and ReNew Power Ventures Pvt Ltd (ReNew Power) said it is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank for $144 million.
The deal was completed on January 31, 2018.
“This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund,” stated Scott Lawrence, Managing Director, Head of Fundamental Equities, CPPIB. “We look forward to a long-term partnership with ReNew Power’s excellent management team. CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along the transition to renewables.”
Sumant Sinha, Chairman and CEO of ReNew Power said, “We are delighted that CPPIB has chosen to invest in ReNew Power, which is one of India’s leading clean energy companies. CPPIB’s investment in the company will further strengthen our aim. We will continue to focus on developing and investing in high-quality projects.”
AZB & Partners with a team led by Partners Ashwin Ramanathan and Roxanne Anderson; Senior Associate Palaq Vora acted for Canada Pension Plan Investment Board (“CPPIB”).
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. ReNew Power Ventures, one of India’s leading clean energy Independent Power Producer (IPP) companies, is committed to working towards changing the country’s current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India’s carbon footprint.
