OMERS Infrastructure on Saturday said it has signed a Stock Purchase Agreement to acquire from International Finance Corporation and IFC GIF Investment Company, an approximately 19.4 per cent stake in Azure Power Global Ltd for a total consideration of around $219 million.
Azure Power is an 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.
Ambit Private Ltd acted as financial advisor to OMERS Infrastructure and the transaction is likely to close in early August.
“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,” Annesley Wallace, Executive Vice President and Global Head of OMERS Infrastructure, said in a statement.
“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,” said Prateek Maheshwari, Managing Director, Asia, OMERS Infrastructure.
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, totalling more than 2 GW of installed capacity. Leeward is headquartered in Dallas, Texas.