OMERS Infrastructure to acquire 19.4 percent stake in Azure Power at $ 219 million

Global investor and asset manager, OMERS Infrastructure has inked a stock purchase agreement with International Finance Corporation and IFC GIF Investment Company to 19.4 per cent stake in Azure Power Global Limited for $219 million. The transaction is expected to close in early August 2021.

Incorporated in 2008, Azure Power is a leading independent renewable power producer located in India, with an asset base of 2 gigawatt (GW) of operational capacity and 5 GW of capacity under construction or awarded.

“This agreement to invest in Azure Power demonstrates OMERS strong global interest in high-quality renewable power and energy transition assets, as well as our interest in India as an investment destination and Asia-Pacific more broadly,” said Annesley Wallace, executive vice president and global head of OMERS Infrastructure.

“This transaction directly supports our mission of building a strong portfolio of well-run assets that will help pay pensions to our members over the long term,” she added. For OMERS, closing this transaction marks its second direct infrastructure investment in India, following its 2019 investment in the IndInfravit toll road platform.

“In support of our goal of prudently diversifying OMERS investments across global markets, we will continue to explore additional promising opportunities in India and throughout Asia-Pacific,” said Prateek Maheshwari, managing director, Asia, OMERS Infrastructure. OMERS is proud to be working with the management and our fellow investors to help Azure Power achieve its goals, he added.

The company’s global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states of the USA, totalling more than 2 GW of installed capacity. Leeward is headquartered in Dallas, Texas.

Shampa Bahadur has been a business journalist for more than two decades. She has written for Business India, PTI Media TransAsia and India Infrastructure Publication Ltd among others. She has also written coffee table books. She can be reached at

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