Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional investors, has acquired an additional 717,701 shares from a shareholder of Indian independent power producer Azure Power Global Limited.

CDPQ now owns 24,259,272 shares of Azure and this represents 50.9% of the total outstanding shares of the power producer, according to the press statement issued by Azure Power.

“This new investment by CDPQ is a recognition of Azure Power’s leading solar development platform in India. By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth,” said Ranjit Gupta, Chief Executive Officer, Azure Power.

According to Mercom India Solar Project Tracker, Azure had 1.7 GW of large-scale solar projects in operation and 3.36 GW of solar projects under development pipeline as of December 2019. According to Mercom’s India Solar Market Leaderboard 1H 2019,…

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