Caisse de depot et placement du Québec (CDPQ) on Tuesday announced an increase in its stake, to 50%, in Indian power company Apraava Energy, which is now equivalently owned by Hong Kong-based CLP group.
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CDPQ and the CLP group have reached an agreement to sell a 10% stake in Apraava Energy to Caisse by CLP, which has been a strategic shareholder since 2018. Thus, this partnership brings the respective ownership interests of the two companies to 50%. .
The aim is to “[renforcer] The joint commitment of CDPQ and CLP to accelerate the transition to a greener economy in India,” read a statement.
The transaction, valued at US$83 million, will allow Quebec to have greater governance rights equivalent to CLP in Apraava Energy, which has made successful investments related to the energy transition.
“Since our investment in Apraava Energy nearly four years ago, CDPQ has worked with CLP to make Apraava a true sustainability leader with concrete plans for the transition to renewable energy,” said Emmanuel Jaclot, Senior Vice President and Head of Infrastructure at CDPQ.
“This transaction demonstrates the successful partnership we have forged with CDPQ since 2018 and reflects our strategic alignment and our shared commitment,” said Richard Lancaster, President and Chief Executive Officer of CLP Holdings.
Meanwhile, Apraava Energy’s general manager, Rajiv Ranjan Mishra said he was grateful for the “unwavering support and trust” from CDPQ and CLP in his company. “Together with them, Apraava Energy will support India’s goal of bringing clean and reliable energy to all as part of developing a greener economy,” he said.
