- Azure Power is an independent solar power producer with a pan-India portfolio of over seven GWs
- CDPQ is now the majority shareholder with a stake of 50.9 per cent
Azure Power Global Limited (AZRE), an independent solar power developer in India, announced that Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, acquired an additional 717,701 shares from a shareholder of AZRE. After acquiring the additional shares, CDPQ is the direct owner of 24,259,272 shares of AZRE, which represent 50.9 per cent of the outstanding shares of Azure Power Global Limited.
“This new investment by CDPQ is a recognition of Azure Power’s leading solar development platform in India. By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth,” explained Ranjit Gupta, CEO, Azure Power.
As of 31 October 2019, the installed renewable energy capacity is 83.37 GW, of which solar and wind comprises 31.7 GW and 37 GW respectively. According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflows in the Indian non-conventional energy sector between April 2000 and June 2019 stood at US$ 8.06 billion. More than US$ 42 billion has been invested in India’s renewable energy sector since 2014. New investments in clean energy in the country reached US$ 11.1 billion in 2018.
Pan-India portfolio of over seven GWs
AZRE’s revenue for the quarter ended 31 December 2019 was Rs 3,047.3 million (US$ 42.6 million). This represents an increase of 25 per cent over the quarter ended 31 December 2018. The revenues for the quarter ended 31 December 2019, as per the company, were negatively impacted by Rs 213.0 million (US$ 3.0 million) due to power curtailment in Andhra Pradesh and low revenue from the Rooftop business.
“This additional investment represents a new chapter in our partnership with Azure Power, “We have built a relationship over the years, deepening our understanding of every aspect of Azure Power: its assets, its operations and its people. We are excited to continue supporting them for the next phase of their growth in the promising Indian solar energy sector,” stated Emmanuel Jaclot, executive vice-president and head of infrastructure at CDPQ.
AZRE is a solar power producer with a pan-India portfolio of over seven GWs. With its in-house engineering, procurement and construction expertise and advanced inhouse operations and maintenance capability, Azure Power provides solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes since its inception in 2008.
