{"id":48721,"date":"2021-07-31T04:00:10","date_gmt":"2021-07-31T04:00:10","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=77049"},"modified":"2021-07-31T04:00:10","modified_gmt":"2021-07-31T04:00:10","slug":"omers-infrastructure-agrees-to-purchase-19-4-stake-in-azure-power","status":"publish","type":"post","link":"https:\/\/malaysiantribune.com\/omers-infrastructure-agrees-to-purchase-19-4-stake-in-azure-power\/","title":{"rendered":"OMERS Infrastructure Agrees to Purchase 19.4% Stake in Azure Power"},"content":{"rendered":"
SINGAPORE, July 30, 2021 (GLOBE NEWSWIRE) — 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.<\/p>\n
\u201cThis 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,\u201d said Annesley Wallace, Executive Vice President and Global Head of OMERS Infrastructure. \u201cThis 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,\u201d she added.<\/p>\n
\u201cAzure Power\u2019s 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,\u201d said Prateek Maheshwari, Managing Director, Asia, OMERS Infrastructure. \u201cThe 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,\u201d he added.<\/p>\n
OMERS Infrastructure\u2019s 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.<\/p>\n
The transaction is expected to close in early August. Ambit Private Limited acted as financial advisor to OMERS Infrastructure.<\/p>\n