23Jan

Canadian pension fund buying USD-144m stake in India’s ReNew Power

News, Slider

Canada Pension Plan Investment Board (CPPIB) is paying USD 144 million (EUR 118m) for a minority stake in Indian renewables developer and operator ReNew Power Ventures Pvt Ltd

The two parties said in a joint statement today that the Toronto-based investment management organisation is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank (ADB). The lender made its own equity investment in ReNew Power in July 2014.

ReNew Power is an independent power producer (IPP) that develops wind, utility-scale solar and rooftop solar projects in India. A year ago, ADB’s board approved providing a USD-390-million financing package to support the company in developing renewables.

Read More: Renewables Now

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