CDPQ increases Azure Power stake to 40%

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On October 5, Azure Power announced the public offering of 14.8 million equity shares for $12.50 per share, with the option for underwriters to purchase up to an additional 1.2 million shares.

At the time, the Indian independent power producer (IPP) said shareholders CDPQ Infrastructure Asia Pte Ltd, IFC GIF Investment Company I and International Finance Corporation, intended to purchase shares worth up to around $100 million, $40 million, and $10 million, respectively.

Bringing its investment in Azure Power up to $240 million, CDPQ confirmed it has invested $100 million, meaning it now owns a 40% stake in the New York Stock Exchange listed company.

Azure Power is a leading solar energy company in India. In July, it announced its project portfolio had surpassed 3 GW, while at the start of this month, it closed a financing deal worth INR 4 billion (around $58 million) for a 100 MW solar plant in Karnataka; and INR 6 billion (around $88 million) for a 200 MW solar power plant in Rajasthan. It also signed 415 rooftop solar PPAs in Madhya Pradesh.