Caisse de dépôt et placement du Québec to invest $75m in Azure Power.

Caisse de dépôt et placement du Québec, an institutional investor that manages several public and para-public pension plans and insurance programs in Quebec, agreed to invest an additional $75m in Azure Power, an independent solar power developer in India. Following completion of the transaction, which is subject to the approval of Azure Power’s shareholders and other customary closing conditions and expected to occur in December 2019, CDPQ’s equity interest in Azure Power will increase from 41.4% to 49.4%. The capital injection in Azure is part of CDPQ’s efforts to increase its carbon-neutral assets under management to $24bn by 2020.