Omers Infrastructure has acquired a 19.4% stake in India-based renewable energy developer Azure Power Global from International Finance Corporation (IFC) and IFC GIF Investment Company I for $219m.

Last month, the asset manager signed an agreement with IFC and IFC GIF Investment Company I to acquire the stake.

At the time of signing the agreement, Omers Infrastructure managing director Prateek Maheshwari said that the deal would directly support his company’s mission to build a strong asset portfolio, which will help in paying pensions to its members over the long term.

Mr Maheshwari said: “This transaction supports Omers’ goal to prudently diversify its investments in quality assets in India.

“Azure Power has been leading energy transformation in India and we are pleased to be associated with the organisation.

“We look forward to working with the management to capitalise on growth opportunities.”

India-based capital market company Ambit acted as financial advisor to Omers for the transaction.

Founded in 2008, Azure Power has an asset base of 2GW of operational capacity and 5GW either under construction or awarded.

Azure Power CEO Ranjit Gupta said: “IFC has been one of the early investors in Azure Power and has been instrumental in Azure Power’s growth story. We are thankful to both IFC and IFC GIF for their long-term partnership.

“[The] Indian renewable market continues to offer significant growth opportunities and the purchase of [the] IFC/IFC GIF stake by OMERS Infrastructure is a recognition of Azure Power as a leading renewable platform in India.

“This partnership will continue to strengthen our access to long-term patient capital and further improve our capability to deliver accretive growth.”

In August 2019, Azure Power was awarded a contract for a 300MW solar power Inter-State Transmission System (ISTS) project in India.

Earlier that year, the company commissioned a 150MW solar plant in the state of Rajasthan.