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Canada’s OMERS buys stake in India solar power firm for US$219 million

By Hui Ching-hoo   
August 3, 2021

Canada’s Ontario Municipal Employees Retirement System is acquiring a 19.4% stake in Indian solar energy producing firm Azure Power Global for US$219 million, the pension fund’s second direct investment in an infrastructure project in India in two years.

OMERS Infrastructure, the fund’s infrastructure unit, is buying the stake from International Finance Corporation, the World Bank’s private sector lending arm.

The deal is expected to close in early August, OMERS says in a statement on July 31.

Based in New Delhi, Azure Power has an operational capacity of 2 gigawatts. Mumbai-based financial Ambit Private is OMERS’ financial adviser on the deal.

The investment “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”, Annesley Wallace, executive vice president and global head of OMERS Infrastructure, says in the statement.

Two years ago, OMERS bought a 22.4% stake in Indian private infrastructure investment trust Indlnfravit for $121 million.

OMERS managed C$105 billion ($84.1 billion) of assets for more than 500,000 members as of December 2020.