OMERS Infrastructure’s Acquisition of 19.4% Stake in Azure Power Global Limited

Appleby acted as Mauritius legal counsel to OMERS Infrastructure, Shearman & Sterling LLP as International Law advisor and Shardul Amarchand Mangaldas & Co as Indian law advisor.

OMERS Infrastructure acquired 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.

The Appleby team comprised of Malcolm Moller (PIcture), Group Managing Partner, and Manisha Lallah, Counsel.

The SAM’s team was led by partners Jatin Aneja and Naval Satarawala Chopra, and advised on corporate, regulatory, projects, competition and green channel filing, foreign direct investment and exchange control aspects. The team also included partners Kushal Sinha, Shashwat Kumar, Harman Singh Sandhu and Rohan Arora, principal associates Dhrupad Pant and Ritwik Bhattacharya, senior associate Rahul Chouhan, and associates Naman Mittal, Pallavi Senapati, Tanusmita Ghosal, Devarsh Kotak and Rishab Chaudhary.

Involved fees earner: Manisha Lallah – Appleby; Malcolm Moller – Appleby; Jatin Aneja – Shardul Amarchand & Mangaldas & Co.; Rohan Arora – Shardul Amarchand & Mangaldas & Co.; Ritwik Bhattacharya – Shardul Amarchand & Mangaldas & Co.; Rishab Chaudhary – Shardul Amarchand & Mangaldas & Co.; Naval Chopra – Shardul Amarchand & Mangaldas & Co.; Rahul Chouhan – Shardul Amarchand & Mangaldas & Co.; Devarsh Kotak – Shardul Amarchand & Mangaldas & Co.; Shashwat Kumar – Shardul Amarchand & Mangaldas & Co.; Naman Mittal – Shardul Amarchand & Mangaldas & Co.; Dhrupad Pant – Shardul Amarchand & Mangaldas & Co.; Harman Singh Sandhu – Shardul Amarchand & Mangaldas & Co.; Pallavi Senapati – Shardul Amarchand & Mangaldas & Co.; Kushal Sinha – Shardul Amarchand & Mangaldas & Co.; Tanusmita Ghosal – Shardul Amarchand & Mangaldas & Co.;

Law Firms: Appleby; Shardul Amarchand & Mangaldas & Co.;

Clients: OMERS Infrastructure;

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