- Omers is set to acquire a minority stake in Azure Power.
- The deal is set to be completed in August.
- Azure currently have a portfolio of projects of about 2GW in operations.
Canadian investor and asset manager Omers Infrastructure is set to acquire a 19.4 per cent stake in Indian clean power producer Azure Power. The deal is reported to be worth about $219 million. The New Delhi-based Azure Power has about 2GW of current assets and some 5GW of awarded projects under construction. Omers will acquire this stake from the International Finance Corporation and IFC GIF Investment Company.
Omers currently owns and operates over 2GW of renewable energy assets in the US through its portfolio company Leeward Renewable Energy. Prateek Maheshwari, managing Director for Omers’ Asian business, stated the transaction is in line with its goal of diversifying its investments across global markets. “We will continue to explore additional promising opportunities in India and throughout Asia-Pacific,” Maheshwari added. The deal is expected to be completed early in August.
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