Canadian Investment Review

Caisse buys more shares of Indian solar company, CPPIB backs Spanish real-estate debt

Written by Staff on Tuesday, March 10th, 2020 at 7:33 am

Solar battery with reflection of orange sunset with tree on clear blue sky with highlight background, horizontal picture © Volodymyr Tverdokhlib /123RF Stock PhotosThe Caisse de dépôt et placement du Québec is acquiring 717,701 additional shares of Azure Power Global Ltd., bringing its total holdings in the company to 24,259,272 shares, or 50.9 per cent of the total outstanding stock.

Azure Power is an independent Indian solar-power producer with a portfolio of assets generating more than seven gigawatts.

“We have built a relationship over the years, deepening our understanding of every aspect of Azure Power: its assets, its operations and its people,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in a press release. “We are excited to continue supporting them for the next phase of their growth in the promising Indian solar energy sector.”

In other investment news, Amitra Capital Ltd., a portfolio company of the Canada Pension Plan Investment Board, reached an agreement with Banco Santander to take on an interest in a portfolio of non-performing mortgage loans with an outstanding balance of more than €1.67 million.

The portfolio is comprised of more than 13,000 real estate backed loans from Spain. The CPPIB is committing additional capital to Amitra to support the transaction.

“This portfolio fits well with CPP Investments’ credit strategy of investing our patient capital with leading partner institutions,” said Derek Jackson, managing director and head of European credit at the CPPIB, in a press release. “This investment into Amitra Capital gives CPP Investments access to a large, diversified portfolio with an attractive risk-adjusted return that will benefit the CPP fund over the long term.”

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