Canadian institutional fund manager Caisse de dépôt et placement du Québec (CDPQ) on Wednesday set up its Indian operations and announced a commitment of $150 million to the renewable energy sector, its first in growth markets.
“Over the next three to four years, CDPQ will use its commitment to target hydro, solar, wind and geothermal power assets, with investments likely to take the form of select partnerships with leading Indian renewable energy companies,” it said in a statement.
The move comes at a time when the government has set up a goal of 100 gigawatt of solar capacity and 60 gigawatt of wind power by 2022.
CDPQ is one the biggest investors in wind energy in North America, financing over 5,400 MW of wind power through its stake in Invenergy. It also holds a major stake in London Array, the biggest offshore wind farm, generating 630 MW of wind energy.
CDPQ has named former World Bank executive Anita Marangoly George as managing director, South Asia, effective April 1.
Based in Delhi, Ms George will head CDPQ India, with the objective of finding the best investment opportunities across all asset classes in South Asian markets, it said.
CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. In addition to its presence in South Asia through CDPQ India, CDPQ is present in Montréal, Québec city, New York, Washington, Mexico City, Paris, Singapore, Sydney and Beijing.
“We believe India stands out as an exceptional country to invest in, given the scope and quality of investment opportunities, the potential for strategic partnerships with leading Indian entrepreneurs, and the current government’s intention to pursue essential economic reforms,” said Michael Sabia, president and chief executive officer of CDPQ.
“I look forward to joining CDPQ India’s office and contributing to the performance of CDPQ in South Asia, a region that offers attractive investment opportunities in a number of key sectors,” said Ms George.
