The Caisse de depot et placement du Québec (CDPQ) announced on Tuesday an increase in its stake, brought to 50%, in the Indian electricity company Apraava Energy, now owned equally with the CLP group based in Hong Kong.
• Read also: The purchasing power of CEOs here on the rise
The CDPQ and the CLP group have reached an agreement for the sale by CLP of a 10% stake in Apraava Energy to the Caisse, which has been a strategic shareholder since 2018. This partnership thus brings the respective stake of the two companies to 50% .
The goal is to “[strengthen] the joint commitment of CDPQ and CLP to accelerating the transition to a greener economy in India,” reads a statement.
The transaction, valued at US$83 million, will provide Quebecers with increased governance rights equal to those of CLP within Apraava Energy, which has made successful investments related to the energy transition.
“Since our investment in Apraava Energy nearly four years ago, the CDPQ has worked with CLP to make Apraava a true sustainability leader with a concrete plan to transition to renewable energy. said Emmanuel Jaclot, Senior Vice-President and Head of Infrastructure at the CDPQ.
“This transaction demonstrates the success of the partnership we have been building with the CDPQ since 2018 and reflects our strategic alignment and our joint commitment,” said Richard Lancaster, President and Chief Executive Officer of CLP Holdings.
For his part, the general manager of Apraava Energy, Rajiv Ranjan Mishra, said he was grateful for the “unwavering support and confidence” of the CDPQ and CLP in his company. “Alongside 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.
