Azure Power Global Limited, a leading independent renewable energy developer in India, announced that OMERS Infrastructure acquired approximately 19.4% in Azure Power Global Limited from International Finance Corporation (“IFC”) and IFC GIF Investment Company I, for a total consideration of US$219m.

Speaking on this occasion, Mr. Ranjit Gupta, Chief Executive Officer, Azure Power said, “IFC has been one of the early investors in Azure Power and has been instrumental in Azure Power’s growth story. We are thankful to both IFC and IFC GIF for their long-term partnership. Indian renewable market continues to offer significant growth opportunities and the purchase of IFC/IFC GIF stake by OMERS infrastructure is a recognition of Azure Power as a leading renewable platform in India. This partnership will continue to strengthen our access to long term patient capital and further improve our capability to deliver accretive growth.”

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Source: PR Newswire