Leading offshore law firm, Appleby, has acted as Mauritius legal counsel to OMERS Infrastructure in connection with the acquisition of 19.4% in Azure Power Global Limited (NYSE:AZRE) from International Finance Corporation and IFC GIF Investment Company I for total consideration of approximately USD219m.
OMERS Infrastructure is the infrastructure investment advisory and management arm, one of the major investment divisions of OMERS which is a Canadian based pension fund. This acquisition marked the second direct infrastructure investment in India by OMERS. OMERS Infrastructure's global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine U.S. states, totaling more than 2 GW of installed capacity.
Azure Power was founded in 2008 and is a leading independent renewable power producer, a developer and an operator of utility and commercial scale solar PV power plants based in India, with an asset base of ~2 GW of operational capacity and ~5 GW of capacity under construction or awarded.
Appleby advised OMERS Infrastructure on the Mauritius law aspects of the transaction alongside Shearman & Sterling LLP as International Law advisor and Shardul Amarchand Mangaldas & Co as Indian law advisor.
The Appleby team comprised of Malcolm Moller, Group Managing Partner, and Manisha Lallah, Counsel.