Canadian pension fund OMERS Infra buys 19.4% stake in Azure from IFC for $219-M

OMERS Infrastructure is to acquire a 19.4% stake in New Delhi-based, NYSE-listed renewable power producer Azure Power Global Ltd from IFC and IFC GIF Investment Company for about USD 219 million. Azure has an asset base of about 2 GW of operational capacity and 5 GW of capacity under construction or awarded. The transaction is expected to close in early August. Ambit acted as financial advisor to OMERS Infrastructure which manages investments globally in infrastructure on behalf of OMERS, a defined benefit pension plan for municipal employees in the Province of Ontario, Canada.