OMERS Infrastructure Agrees to Purchase 19.4% Stake in Azure Power
July 30 2021 - 1:25PM
OMERS Infrastructure today announced that it has signed a Stock
Purchase Agreement to acquire from International Finance
Corporation and IFC GIF Investment Company I an approximately 19.4%
stake in Azure Power Global Limited (NYSE: AZRE), for a total
consideration of approximately US$219m. Founded in 2008, Azure
Power is a leading independent renewable power producer located in
India, with an asset base of ~2 GW of operational capacity and ~5
GW of capacity under construction or awarded.
“This agreement to invest in Azure Power
demonstrates OMERS strong global interest in high-quality renewable
power and energy transition assets, as well as our interest in
India as an investment destination and Asia-Pacific more broadly,”
said Annesley Wallace, Executive Vice President and Global Head of
OMERS Infrastructure. “This transaction directly supports our
mission of building a strong portfolio of well-run assets that will
help pay pensions to our members over the long term,” she
added.
“Azure Power’s vision is to provide affordable,
clean energy in an efficient, sustainable and socially-responsible
manner. OMERS is proud to be working with the management and our
fellow investors to help Azure Power achieve its goals,” said
Prateek Maheshwari, Managing Director, Asia, OMERS Infrastructure.
“The closing of this transaction would mark our second direct
infrastructure investment in India, following our 2019 investment
in the IndInfravit toll road platform. In support of our goal of
prudently diversifying OMERS investments across global markets, we
will continue to explore additional promising opportunities in
India and throughout Asia-Pacific,” he added.
OMERS Infrastructure’s global renewable energy
holdings include Leeward Renewable Energy, a growth-oriented
renewable energy company that owns and operates a portfolio of 22
renewable energy facilities across nine U.S. states, totaling more
than 2 GW of installed capacity. Leeward is headquartered in
Dallas, Texas.
The transaction is expected to close in early
August. Ambit Private Limited acted as financial advisor to OMERS
Infrastructure.
Contact: Neil HrabManager, Media
Relations416-369-2418nhrab@omers.com
About OMERS and OMERS
Infrastructure: OMERS Infrastructure manages
investments globally in infrastructure on behalf of OMERS, the
defined benefit pension plan for municipal employees in the
Province of Ontario, Canada. Investments are aimed at steady
returns to help deliver sustainable, affordable and meaningful
pensions to OMERS members.OMERS diversified portfolio of
large-scale infrastructure assets exhibits stability and strong
cash flows, in sectors including energy, digital services,
transportation and government-regulated services. OMERS teams work
in Toronto, London, New York, Amsterdam, Luxembourg, Singapore,
Sydney and other major cities across North America and Europe –
serving members and employers, and originating and managing a
diversified portfolio of high-quality investments in public
markets, private equity, infrastructure and real estate. OMERS
is one of Canada's largest defined benefit pension funds, with net
assets of C$105 billion.
For more information, please visit:
www.omersinfrastructure.com
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