The Canada Pension Plan Investment Board is acquiring a 6.3 per cent stake in an Indian renewable energy developer and operator from the Asian Development Bank for more than $179 million.

The company, ReNew Power Ventures Private Ltd., is headquartered in Gurugram, India, and works in wind, utility-scale and rooftop solar power-producing assets.

“This transaction aligns well with our overall power and renewables strategy, further diversifying the CPP fund,” said Scott Lawrence, managing director and head of fundamental equities at the CPPIB, in a press release.

Read: Ivanhoé Cambridge forms partnership for investment in Indian logistics facilities

“India’s overall power industry continues to grow, and we see solar and wind as attractive clean energy sources to meet the country’s growing demand for electricity. We look forward to a long-term partnership with ReNew Power’s excellent management team, which has a proven track record as a reliable, experienced developer and operator with an impressive portfolio built up over the past six years. CPPIB will continue to seek opportunities to expand our power and renewables portfolio as demand grows worldwide along the transition to renewables.”

A release from the CPPIB noted that as of Sept. 30, 2017, its investments in India totalled $6.1 billion.

“We are committed to transform our country’s energy portfolio, and CPPIB’s investment in the company will further strengthen our resolve,” said Sumant Sinha, chair and chief executive officer of ReNew Power.

Read: India a hot destination for pension fund dollars

In other news, the Ontario Teachers’ Pension Plan has invested in Stem Inc., a California-based company involved in artificial intelligence-powered energy storage. Today, Stem announced the close of its Series D financing with an $80-million investment from a group of investors, including Ontario Teachers’.

“We are thrilled to have the opportunity to support the continued growth of an innovative company with a proven product like Stem. Ontario Teachers’ foresees that more investment is needed in the transition to a low-carbon electricity system and expects that batteries will play a key role in the transition and in making the electric grid more sustainable. Ontario Teachers’ will support Stem’s growth by leveraging our strategic partnerships globally,” said Andrew Claerhout, senior managing director at Ontario Teachers’.

Copyright © 2020 Transcontinental Media G.P. Originally published on

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