Canadian developer, OMERS Infrastructure has executed a stock purchase agreement with International Finance Corporation (IFC) and IFC GIF Investment Company to buy a 19.4 percent share in Azure Power Global Limited for a total price of approximately $219 million.

The agreement to invest in Azure Power reflects OMERS’ significant worldwide interest in high-quality renewable energy and energy transition assets, as well as their interest in India as an investment destination and Asia-Pacific in general. Azure Power is an independent renewable energy producer based in India, with 2 GW of operating capacity and 5 GW under development. Their goal is to offer inexpensive, clean energy in an efficient, sustainable, and socially responsible manner.

The Ontario Municipal Employees Retirement System (OMERS) is a Canadian pension fund established by provincial legislation in Ontario in 1962 to administer the retirement benefits of all municipal employees in the Canadian province of Ontario. It has grown to become one of Canada’s largest institutional investors. Following their 2019 investment in the IndInfravit toll road platform, this acquisition would be OMERS’ second direct infrastructure investment in India. Leeward Renewable Energy, a growth-oriented renewable energy firm with 22 renewable energy facilities spanning nine US states and more than 2 GW of installed capacity, is one of OMERS Infrastructure’s worldwide renewable energy holdings.