Omers Infrastructure, the global investment on energy infrastructure company, has purchased a 19,4% stake in Azure Power Global Limited; a leading independent renewable energy developer in India.
Firstly, Azure Power Global Limited announced the acquisition by Omers this Friday; for a total consideration of US$219 million. About the relevance of the acquisition for Omers, Mr. Prateek Maheshwari, Managing Director of the firm, said. “This transaction supports OMERS’ goal to prudently diversify its investments in quality assets in India.”
He also remarked. “Azure Power has been leading energy transformation in India; and we are also pleased to be associated with the organization. We look forward to working with the management to capitalize on growth opportunities.”
Secondly, OMERS Infrastructure manages investments globally through a diversified portfolio of large-scale infrastructure assets; in sectors including energy, digital services, also, transportation and government-regulated services.
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Omers Infrastructure further diversifies its portfolio after acquisition
Thirdly, it has teams working in in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe; indeed, Omers is one of Canada’s largest defined benefit pension funds, with net assets of C$105 billion.
Moreover, the acquisition of Azure Power was made from International Finance Corporation (IFC) and IFC GIF Investment Company; about the relevance of the purchase, Ranjit Gupta, Chief Executive Officer of Azure Power said. “IFC has been one of the early investors in Azure Power and also has been instrumental in Azure Power’s growth story.”
He also remarked. “We are thankful to both IFC and IFC GIF for their long-term partnership. Indian renewable market continues to offer significant growth opportunities; and the purchase of IFC/IFC GIF stake by OMERS infrastructure is a recognition of Azure Power as a leading renewable platform in India.”
Finally, he concluded. “This partnership will continue to strengthen our access to long term patient capital; and also, further improve our capability to deliver accretive growth.” Azure Power came to be in 2008. It manages the entire development and operation process; and provides low-cost renewable power solutions to customers throughout India.”