CDPQ and CLP Strengthen Strategic Partnership in Apraava Energy
CDPQ, a global investment group, and CLP Group (CLP), one of the largest investor-owned
power businesses in Asia, today agreed the sale by CLP of a 10% stake in Apraava Energy to
CDPQ, bringing their respective stakes in the company to 50%.
This transaction reinforces CDPQ’s and CLP’s joint commitment to support the acceleration of
the transition to a greener economy in India. CDPQ first became a strategic shareholder in
Apraava Energy in 2018 through acquiring a stake of 40%. Since then, Apraava Energy has
successfully undertaken a number of energy transition-related investments. Building on this,
Apraava Energy will have a sharper and dedicated focus on the investment and development of
clean energy and power transmission projects. Following this transaction, CDPQ will also have
increased governance rights, equal to those of CLP, with respect to Apraava Energy.
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said, “Ever since
our investment in Apraava Energy nearly four years ago, CDPQ has strived, alongside CLP, to
transform Apraava into a true sustainability leader equipped with a clear plan to transition to
renewable energy. We are delighted to increase our stake in the company, helping drive this
agenda forward while supporting India’s ambition of providing clean and sustainable energy to
all.”
Richard Lancaster, Chief Executive Officer at CLP Holdings, said, “This transaction underlines the
the success of our partnership with CDPQ has been built since 2018 and reflects the strategic
alignment and commitment shared by us. We are aligned in seeking investment opportunities
for zero-carbon infrastructure projects to support India’s energy transition, and strongly believe
this change creates a stronger platform for capturing these opportunities.”
Rajiv Mishra, Managing Director at Apraava Energy, said, “We are grateful to our shareholders,
CLP Group and CDPQ for their unwavering support and trust in Apraava Energy. Together with
them, Apraava Energy will support India’s ambitions of providing clean and reliable energy to all
in the development of a greener economy. We will continue to focus on building a sustainable
power company that will invest only in low-carbon growth areas, including renewable
generation, transmission, distribution, as well as other customer-focused energy businesses. As
we move forward, all of our decisions and efforts will epitomize energy in action, thereby
creating value for all our stakeholders.”
The total consideration for the transaction is the US$ equivalent of INR 6.6 billion
(approximately HK$653 million or US$83 million at the current exchange rate conversion).
Completion of the transaction is subject to the fulfillment of various conditions precedent
including regulatory approvals.
For further details, please click here to download CLP Holdings’ announcement on the Stock
Exchange of Hong Kong.
Cyril Cabanes, Managing Director, Infrastructure, Asia Pacific, CDPQ (right on screen), Richard
Lancaster, CEO, CLP (first from left), Saurabh Agarwal, Managing Director, CDPQ India; Managing
Director, Infrastructure, South Asia & Middle East (second from left on screen), Nicolas Tissot, Chief
Financial Officer, CLP (first from right), David Simmonds, Chief Strategy, Sustainability and
Governance Officer, CLP (second from left), Rajiv Mishra, Managing Director, Apraava Energy (left on
screen), Hemant Joshi, Senior Director – Business Development & Asset Management Oversight
(second from right) celebrate the strengthening of CDPQ’s and CLP’s strategic partnership in Apraava
Energy in a virtual ceremony today.