Toronto, Canada/New Delhi, India (January 22, 2018) – Canada Pension Plan
Investment Board (CPPIB) and ReNew Power Ventures Pvt. Ltd. (ReNew Power) today
announced that CPPIB is acquiring a 6.3% stake in ReNew Power from the Asian
Development Bank for US$144 million.
Founded in 2011, ReNew Power is a leading Indian renewable
energy developer and operator with clean energy capacity diversified across 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 the transition
to renewables.”
Sumant Sinha, Chairman and CEO of ReNew Power said, “We are
delighted that CPPIB has chosen to invest in ReNew Power, which is one of
India’s leading clean energy companies. We are committed to transform our
country’s energy portfolio and CPPIB’s investment in the company will further
strengthen our resolve. Asian Development Bank made an equity investment in
ReNew Power during our early days in July 2014 and we are thankful to them for
their sustained partnership. We will continue to focus on developing and
investing in high-quality projects.”
At September 30, 2017, CPPIB’s investments in India totalled
C$6.1 billion.
About CPPIB
Canada Pension
Plan Investment Board (CPPIB) is a professional investment management
organization that invests the funds not needed by the Canada Pension Plan (CPP)
to pay current benefits on behalf of 20 million contributors and beneficiaries.
In order to build a diversified portfolio of CPP assets, CPPIB invests in
public equities, private equities, real estate, infrastructure and fixed income
instruments. Headquartered in Toronto, with offices in Hong Kong, London,
Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and
managed independently of the Canada Pension Plan and at arm’s length from
governments. At September 30, 2017, the CPP Fund totalled C$328.2 billion. For more information about CPPIB,
please visit www.cppib.com or follow us on LinkedIn,
Facebook or Twitter.
About ReNew Power
ReNew Power Ventures, one of India’s leading clean
energy Independent Power Producer (IPP) companies, is committed to working
towards changing the country’s current energy portfolio by delivering cleaner
and smarter energy choices and thereby reducing India’s carbon footprint. ReNew
Power’s mission is to play a pivotal role in meeting India’s growing energy
needs in an efficient, sustainable and socially responsible manner. For more
information please visit: www.renewpower.in.
Follow ReNew Power on Twitter @ReNew_Power.
Article Contacts
CPPIB:
Dan Madge
Senior Manager, Media Relations
T: +1 416.868.8629
dmadge@cppib.com
Mei Mavin
Director,
Global Corporate Communications
T: +44
203 205 3406
mmavin@cppib.com
ReNew Power:
Saptarshi R Dutta
Corporate Communications
T: +91 997 150 1113
Saptarshi.Dutta@renewpower.in