Canada's CDPQ commits $150 mn to renewable energy in India

The company invests globally in major financial markets, private equity, infrastructure and real estate

Canada's institutional fund manager Caisse de depot et placement du Quebec (CDPQ) on Wednesday said that it has committed an investment of $150 million in the Indian renewable energy sector.

CDPQ, which currently manages $248 billion in net assets, invests globally in major financial markets, private equity, infrastructure and real estate.

"CDPQ plans to commit $150 million to renewable energy investments in India," the company said in a statement.

Over the next 3-4 years, CDPQ will use its commitment to target hydro, solar, wind and geothermal power assets with investments likely to take the form of select partnerships with leading Indian renewable energy companies, it added.

"We believe that India stands out as an exceptional country to invest in, given the scope and quality of investment opportunities, the potential for strategic partnerships with leading Indian entrepreneurs and the current government's intention to pursue essential economic reforms," CDPQ President and CEO Michael Sabia said.

CDPQ, which deals primarily in public and parapublic pension and insurance plans, also announced the establishment of its Indian office in New Delhi. It appointed Anita Marangoly George managing director of its South Asia operations.

George, who joins the company from the World Bank where she was working on the global practice on energy, had helped finance the first commercial solar project in the country, the statement said.

She will be taking up the new assignment from April 1 this year, it added.