Global investment group, CDPQ will buy additional 10 per cent stake of CLP Group in Apraava Energy for ₹660 crore which will raise its share in the company to 50 per cent.
According to a statement, CDPQ became a strategic shareholder in Apraava Energy in 2018 by acquiring a stake of 40 per cent. Since then, Apraava has successfully undertaken a number of energy transition-related investments.
"CDPQ, a global investment group, and CLP Group (CLP), one of the largest investor-owned power businesses in Asia, today agreed the sale by CLP of a 10 per cent stake in Apraava Energy to CDPQ, bringing their respective stakes in the company to 50 per cent," it said.
Following this transaction, CDPQ will have increased governance rights, equal to those of CLP, with respect to Apraava Energy.
"We are delighted to increase our stake in the company, helping drive this agenda forward while supporting India’s ambition of providing clean and sustainable energy to all," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.
The total consideration for the transaction is ₹660 crore (approximately, $83 million).
Completion of the transaction is subject to the fulfilment of various conditions precedent, including regulatory approvals, it added.