Canadian pension fund CPPIB to invest $144 million in ReNew Power

Canada Pension Plan Investment Board (CPPIB) and ReNew Power Ventures Pvt Ltd (ReNew Power) on Monday announced that CPPIB is acquiring a 6.3% stake in ReNew Power from the Asian Development Bank for $144 million.

Founded in 2011, ReNew Power is one of India's leading renewable energy developer and operator with clean energy capacity across the wind, utility-scale solar and rooftop solar power-producing assets. "This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund," said Scott Lawrence, Managing Director, Head of Fundamental Equities, CPPIB.

"India's overall power industry continues to grow and we see solar and wind as attractive clean energy sources to meet the country's growing demand for electricity. We look forward to a long-term partnership with ReNew Power’s excellent management team which has a proven track record as a reliable, experienced developer and operator with an impressive portfolio built up over the past six years. CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along with the transition to renewables." 

Founded in 2011, ReNew Power is a leading Indian renewable energy developer and operator with clean energy capacity diversified across the wind, utility-scale solar and rooftop solar power-producing assets.

"This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund," said Scott Lawrence, Managing Director, Head of Fundamental Equities, CPPIB. "India's overall power industry continues to grow and we see solar and wind as attractive clean energy sources to meet the country's growing demand for electricity. We look forward to a long-term partnership with ReNew Power’s excellent management team which has a proven track record as a reliable, experienced developer and operator with an impressive portfolio built up over the past six years. CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along with the transition to renewables.”

Asian Development Bank made an equity investment in ReNew Power in July 2014.