Canada Pension Plan Investment Board (CPPIB) and Piramal Enterprises plan to set up what would be India's first renewable energy focused infrastructure investment trust (InvIT) to raise $600 million and buy operational assets, highlighting the global focus on alternative energy solutions.
CPPIB will have 60 per cent stake and Piramal Enterprises 15 per cent in the InvIT, which will be the first of its kind in India's renewable space.
“There is a change that is taking place in the renewable space. It has become so competitive and if you want to grow, you have to have a certain size,” Piramal Enterprises chairman Ajay Piramal told ET. "We see a decent opportunity in the space."
The InvIT will have an initial corpus of $600 million. CPPIB will contribute $360 million and Piramal will initially allocate $90 million, respectively. The Piramal group will be co-sponsor and operational manager of the InvIT in India.
“India's renewable energy sector attracted investments of over $42 billion over the past four years and green energy projects have created over 10 million man-days of employment per annum over the period,” according to data from the Ministry of New and Renewable Energy (MNRE).

here is company details.

 

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