Piramal, CPPIB in tie-up for India’s 1st renewables InvIT
Mumbai: Piramal Enterprises Ltd on Tuesday said it has signed an agreement with Canada’s largest pension fund manager, Canada Pension Plan Investment Board (CPPIB), to co-sponsor India’s first renewable energy-focused infrastructure investment trust (InvIT).
Mint first reported the development on 2 April.
The proposed InvIT will have an initial targeted corpus of up to $600 million with an option to scale up further, Piramal said in a regulatory filing. CPPIB and Piramal will initially allocate $360 million and $90 million, respectively, to the corpus.
The InvIT would seek to acquire up to 1.5-2 gigawatts (GW) of stable and long-term cash-generating renewable assets, with a firm focus on diversification of clients of both solar and wind assets as well as the customers of the electricity.
