CDPQ, a global investment group, and CLP Group (CLP), have agreed the sale by CLP of a 10 per cent stake in Apraava Energy to CDPQ, bringing their respective stakes in the company to 50 per cent.
This transaction reinforces CDPQ’s and CLP’s joint commitment to support the acceleration of the transition to a greener economy in India.
The total consideration for the transaction is around Rs.6.6 billion (or $83 million). Completion of the transaction is subject to the fulfilment of various conditions precedent including regulatory approvals.
CDPQ first became a strategic shareholder in Apraava Energy in 2018 through acquiring a stake of 40 per cent. Since then, Apraava Energy has successfully undertaken a number of energy transition related investments. Building on this, Apraava Energy will have a sharper and dedicated focus in the investment and development of clean energy and power transmission projects.
Following this transaction, CDPQ will also have increased governance rights, equal to those of CLP, with respect to Apraava Energy.
Founded in 2002 and headquartered in Mumbai, Apraava Energy is a diversified power company with Its diverse portfolio of 3,150 mw of installed capacity which includes 924 mw of wind and 250 mw of solar energy projects across seven states, as well as two power transmission assets. In addition, the company is currently constructing a 251-mw wind farm, which, when completed, will be its largest wind asset to date.
Also read: We Expect A Great Outlook For The Power Transmission Segment: CLP India
Featured photograph shows Cyril Cabanes, Managing Director, Infrastructure, Asia Pacific, CDPQ (right on screen), Richard Lancaster, CEO, CLP (first from left),Saurabh Agarwal, Managing Director, CDPQ India; Managing Director, Infrastructure, South Asia & Middle East (second from left on screen), Nicolas Tissot, Chief Financial Officer, CLP (first from right), David Simmonds, Chief Strategy, Sustainability and Governance Officer, CLP (second from left), Rajiv Mishra, Managing Director, Apraava Energy (left on screen), Hemant Joshi, Senior Director – Business Development & Asset Management Oversight (second from right) celebrate the strengthening of CDPQ’s and CLP’s strategic partnership in Apraava Energy in a virtual ceremony on July 12, 2022.
