CDPQ Increases Stake, now Majority Stakeholder in Azure Power

CDPQ Increases Stake, now Majority Stakeholder in Azure Power

Azure Power has announced that CDPQ has acquired additional shares of AZRE, to become a majority stakeholder in the India solar power developer.

Azure Power CDPQ

Azure Power Global Limited (AZRE), a leading independent solar power developer in India, has announced that Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, has acquired additional shares of AZRE from a stakeholder. A transaction that has seen CDPG become a majority stakeholder in the India solar power developer.

Ranjit Gupta, Chief Executive Officer, Azure Power said “this new investment by CDPQ is a recognition of Azure Power’s leading solar development platform in India. By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth.”

As per Azure Power, CDPG has acquired an additional 717,701 shares from a shareholder of AZRE. And that after acquiring the additional shares, it is the direct owner of 24,259,272 shares of AZRE, which represent a majority 50.9 percent of the outstanding shares of Azure Power Global Limited.

“This additional investment represents a new chapter in our partnership with Azure Power,” added Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “We have built a relationship over the years, deepening our understanding of every aspect of Azure Power: its assets, its operations and its people. We are excited to continue supporting them for the next phase of their growth in the promising Indian solar energy sector.”

In January, in its most recent investor presentation, the firm had shared its yearly results and plans for the future. It revealed that it has a 7.1 GW committed portfolio, between its existing and future commitments. Credit quality has been accorded high priority, as one can imagine in a sector with just one or two buyers typically. Azure claims that 85 percent of its portfolio is committed with the Government of India owned entities with SECI at 80 percent and NTPC at 4 percent, while discoms take up 15 percent. A small part is with Indian railways and other government-owned PSU’s.

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Ayush Verma

Ayush is a staff writer at and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for