- CDPQ is now the majority shareholder with a stake of
50.9%
NEW DELHI and MONTRÉAL,
March 9, 2020 /PRNewswire/
-- Azure Power Global Limited (NYSE: AZRE), a leading
independent solar power developer in India, announced that Caisse de dépôt et
placement du Québec (CDPQ), a global institutional investor,
acquired an additional 717,701 shares from a shareholder of AZRE.
After acquiring the additional shares, CDPQ is the direct owner of
24,259,272 shares of AZRE, which represent 50.9% of the outstanding
shares of Azure Power Global Limited.
Speaking on this occasion, Mr. Ranjit
Gupta, Chief Executive Officer, Azure Power said, "This
new investment by CDPQ is a recognition of Azure Power's leading
solar development platform in India. By having a majority shareholder with a
long-term approach and a AAA credit rating, we will have better
access to external capital further improving our future
growth."
"This additional investment represents a new chapter in our
partnership with Azure Power," added
Mr. Emmanuel Jaclot, Executive Vice-President and
Head of Infrastructure at CDPQ. "We have built a relationship
over the years, deepening our understanding of every aspect of
Azure Power: its assets, its operations and its people. We are
excited to continue supporting them for the next phase of their
growth in the promising Indian solar energy sector."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-India portfolio of over 7 GWs. With its
in-house engineering, procurement and construction expertise and
advanced inhouse operations and maintenance capability, Azure Power
provides low-cost and reliable solar power solutions to customers
throughout India. It has developed, constructed and operated
solar projects of varying sizes since its inception in 2008. For
more information, visit: www.azurepower.com.
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
December 31, 2019, it held CA$340.1 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.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended and the Private Securities Litigation Reform Act of
1995, including statements regarding the Company's future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause the
Company's results to differ materially from those expressed or
implied by such forward-looking statements include: the
availability of additional financing on acceptable terms; changes
in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; changes in policies and regulations including net
metering and interconnection limits or caps; the availability of
rebates, tax credits and other incentives; curtailment; the
availability of solar panels and other raw materials; its limited
operating history, particularly as a new public company; its
ability to attract and retain its relationships with third parties,
including its solar partners; its ability to meet the covenants in
its debt facilities; meteorological conditions and such other risks
identified in the registration statements and reports that the
Company has filed with the U.S. Securities and Exchange
Commission, or SEC, from time to time. All forward-looking
statements in this press release are based on information available
to us as of the date hereof, and the Company assumes no obligation
to update these forward-looking statements.
For more information:
Azure Power - Investor Contact:
Nathan Judge, CFA
ir@azurepower.com
Investor Relations, Azure Power
Azure Power - Media Contact:
Samitla Subba
pr@azurepower.com
+91-11-4940-9800
Policy and Communications, Azure Power
CDPQ - Media Contact:
+1-514-847-5493
medias@cdpq.com
View original
content:http://www.prnewswire.com/news-releases/cdpq-increases-its-stake-in-azure-power-301019480.html
SOURCE Azure Power