ReNew Power Ventures today said Canada Pension Plan Investment Board (CPPIB) will acquire 6.3 per cent stake of the Asian Development Bank in the power producer for USD 144 million.
“CPPIB is acquiring 6.3 per cent stake in ReNew Power from the Asian Development Bank (ADB) for USD 144 million,” the company said in a statement issued here.
“This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP Fund,” CPPIB Managing Director, head of fundamental equities Scott Lawrence said.
He further said CPPIB will continue to seek opportunities to expand its power and renewables portfolio as demand grows worldwide along the transition to renewables.
Commenting on the deal, ReNew Power Chairman and CEO Sumant Sinha said, “ADB made an equity investment in the company in July 2014. We will continue to focus on developing and investing in high-quality projects.”