The investment raises CDPQ’s equity interest in Azure Power to 49.4% from 41.4%. The proceeds will be used by the developer to fund its current projects.
The investment will increase Caisse de dépôt et placement du Québec’s equity stake in the NYSE-listed solar developer to 49.4% from current 41.4%.
The Mahindra Group cleantech firm will continue to have majority 51% stake in its subsidiary Marvel Solren, with Mitsui owning the balance. Currently, Marvel operates four distributed solar projects in India with a combined capacity of 16 MW, which the two partners aim to expand to 150 MW by 2023.
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