OMERS Infrastructure to buy 19.4% stake in Azure Power

According to an announcement published by OMERS Infrastructure on Friday, the firm has signed a new deal to assume control of a 19.4 percent stake in Azure Power. The said deal is valued at USD 219 million (around Rs 1,628 crore). 

Founded in 2008, Azure Power is one of India’s largest independent renewable power producers. The firm has an asset base of 2 GW in operational capacity and another 5 GW of capacity currently under development or already given to contractors. 

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

Azure Power is driven by a mission to ensure that people within the country can access clean energy at an affordable cost. The firm is also keen on conducting its operations in an efficient, sustainable, and socially responsible way.

According to a spokesperson of OMERS, the firm entered the agreement because their goals align and the OMERS is honored to contribute to the excellent work being done by Azure Power.