OMERS Infrastructure to purchase 19.4 per cent Azure Power stake

KUALA LUMPUR, Aug 2 -- OMERS Infrastructure announced it has signed a Stock Purchase Agreement to acquire from International Finance Corporation and IFCGIF Investment Company I an approximately 19.4 per cent stake in Azure Power Global Limited for total consideration of approximately US$219 million. (US$1 =RM4.223)

Founded in 2008, Azure Power is a leading independent renewable power producer located in India, according to a statement.

“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,” said Executive Vice President and Global Head of OMERS Infrastructure, Annesley Wallace.

“This 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.”

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 US states, totaling more than 2 GW of installed capacity.

The transaction is expected to close in early August with Ambit Private Limited acting as financial adviser to OMERS Infrastructure.

More details at www.omersinfrastructure.com.

-- BERNAMA