Canada’s second largest pension fund has unveiled plans to invest $150m in India’s renewable energy sector.
Caisse de dépôt et placement du Québec (CDPQ) said that it was establishing a New Delhi office to coordinate its plans.
Over the next three to four years, CDPQ said it will target hydro, solar, wind and geothermal power assets, with partnerships with domestic renewable companies the most likely option.
The fund, which has CAD$248bn in net assets, also appointed Anita Marangoly George as its new South Asia managing director.
Chief executive Michael Sabia said: “We believe India stands out as an exceptional country to invest in, given the scope and quality of investments opportunities, the potential for strategic partnerships with leading Indian entrepreneurs, and the current government’s intention to pursue essential economic reforms.”
CDPQ has financed over 5.4GW of wind in the US through a stake in Invenergy. It is also a 25% shareholder in the 630MW London Array offshore wind farm in the outer Thames Estuary.
Image: Siemens
Canadians plan $150m India bet
Pension fund CDPQ establishes New Delhi office ahead of investment drive
By EBS