CDPQ to invest US$75 million in Azure Power
Caisse de dépôt et placement du Québec (CDPQ) is announcing its intention to invest an additional US$75 million through a private placement in Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India. Following completion of the transaction, which is subject to the approval of Azure Power’s shareholders and other customary closing conditions and expected to occur in December 2019, CDPQ’s equity interest in Azure Power will increase from 41.4% to 49.4%.
In the spring of 2019, CDPQ announced it had raised the target for its carbon-neutral assets under management to CA$32 billion by 2020. This target is part of CDPQ’s strategy to address climate change and capture opportunities from the transition to a low-carbon economy. CDPQ also aims to reduce its carbon footprint by 25% per dollar invested by 2025.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CA$326.7 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
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