Power firm CLP Group sold its 10% stake in Apraava Energy to global investment group CDPQ, bringing their respective share in the Mumbai-based energy firm to 50%.
In a joint statement, the companies said the transaction was worth $83m or equivalent to around INR6.6b at the current exchange rate conversion. Its completion will be subject to the fulfilment of various conditions, including regulatory approvals.
“This transaction reinforces CDPQ’s and CLP’s joint commitment to support the acceleration of the transition to a greener economy in India,” they said.
The investment firm and CLP will now have equal governance rights in Apraava.
Apraava Energy Managing Direct Rajiv Mishra welcomed the CLP’s selling of stake to CDPQ, saying that together with them, the company will support India’s goal to provide clean and reliable energy and develop a greener economy.
“We will continue to focus on building a sustainable power company that will invest only in low-carbon growth areas, including renewable generation, transmission, distribution, as well as other customer-focused energy businesses. As we move forward, all of our decisions and efforts will epitomise energy in action, thereby creating value for all our stakeholders,” Mishra said.
CDPQ became a shareholder in Apraava in 2018 with the acquisition of a 40% stake in the company.
