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CPPIB makes additional $247m investment in India’s ReNew Power Ventures

EBR Staff Writer Published 04 April 2018

Canada Pension Plan Investment Board (CPPIB), Canada’s public pension fund, has invested an additional $247m in ReNew Power Ventures.

The new investment brings the CPPIB’s total investment in ReNew Power Ventures to $391m. ReNew Power is a clean energy firm with capacity diversified across wind, utility-scale solar and rooftop solar power-producing assets across India.

CPPIB said that the new investment supports ReNew Power’s acquisition of Ostro Energy Private, an Indian renewable energy developer.

Ostro Energy’s assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat.

Upon completion of the deal with Ostro Energy, ReNew Power’s power capacity will increase to more than 5,600MW.

CPPIB fundamental equities head, managing director Scott Lawrence said: “We are pleased to further support ReNew Power in its latest acquisition, which further strengthens their position in India’s renewables sector.

“As India’s demand for electricity increases, solar and wind are attractive sources of power.”

ReNew said that the acquisition of Ostro assets will further strengthen its vision of contributing to the Indian Government’s aim to have 175GW of install renewable capacity by 2022.

ReNew Power chairman and CEO Sumant Sinha said: “CPPIB’s support demonstrates their continued confidence in our capabilities to further grow our market position and their ongoing help to transform ReNew Power into one of the leading clean energy companies in India.”

In February 2017, Japanese energy company Jera had bought a 10% stake in ReNew Power for $200m. Apart from the investments made by Jera and Goldman Sachs, ReNew Power has also received funding from the Abu Dhabi Investment Authority, Asian Development Bank and Global Environmental Fund.