View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
August 9, 2021

Omers Infrastructure acquires 19.4% stake in Azure Power

The deal will directly support Omers Infrastructure's goal of building a strong asset portfolio.

By Umesh Ellichipuram

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.

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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.

Related Companies

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology