Canada Pension Plan Investment Board (CPPIB) has acquired a 6.3% stake in ReNew Power Ventures from the Asian Development Bank for $144m (鈧�163.7m).
Founded in 2011, ReNew Power is an Indian renewable energy developer and operator with clean energy capacity diversified across wind, utility-scale solar and rooftop solar power-producing assets.
Asian Development Bank made an equity investment in ReNew Power during its early days in July 2014.
Scott Lawrence, the managing director and head of fundamental equities at CPPIB, said: 鈥淭his transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund.鈥�
鈥淚ndia鈥檚 overall power industry continues to grow and we see solar and wind as attractive clean energy sources to meet the country鈥檚 growing demand for electricity.鈥�
At September 30, 2017, CPPIB鈥檚 investments in India amounted to C$6.1bn (鈧�4.0bn).
Lawrence said CPPIB will continue to seek opportunities to expand its power and renewables portfolio as demand grows worldwide along the transition to renewables.
Sumant Sinha, the chairman and CEO of ReNew Power, said: 鈥淲e are delighted that CPPIB has chosen to invest in ReNew Power, which is one of India鈥檚 leading clean energy companies.
鈥淲e are committed to transform our country鈥檚 energy portfolio and CPPIB鈥檚 investment in the company will further strengthen our resolve.鈥�
