NEW DELHI--(BUSINESS WIRE)--
Azure Power (NYSE:AZRE), a leading solar power producer in India,
announced that Cyril Cabanes, Vice-President, Head of Infrastructure
Transactions, Asia-Pacific at Caisse de dépôt et placement du Québec
(CDPQ) , was appointed to its Board of Directors. CDPQ is a long-term
institutional investor that manages funds primarily for public and
parapublic pension and insurance plans. As one of North America's
leading institutional fund managers, CDPQ invests globally in major
financial markets, private equity, infrastructure and real estate.
Earlier, CDPQ announced its intention to invest in renewable energy in
India, and chose Azure Power to invest in solar power in India. CDPQ is
Azure Power Global’s largest individual shareholder and holds an equity
position of more than 20%.
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Cyril Cabanes comes on board with over 19 years of experience across all
facets of infrastructure transactions including acquisitions, financing
and fundraising. This includes his term at Marubeni Corp., where he led
the Asian IPP investment team in Singapore. Previously, Cyril was
Director and Portfolio Manager at Deutsche Bank, where he was
responsible for acquisitions, capital raising and product development
for Asia-Pacific. Prior to that, Cyril spent 10 years in investment
banking and financial markets with RBS, BNP Paribas and UBS.
Speaking on this occasion, Inderpreet Wadhwa, Founder and Chief
Executive Officer, Azure Power said, "We are pleased to welcome
Cyril Cabanes as a Director on our board. Having Mr Cabanes on board and
with CDPQ as our key investor is a strong validation of our Solar Energy
platform in India. We look forward to working with them on additional
asset growth opportunities.”
Commenting on Mr. Cabanes’ appointment, Michael Sabia, President and
Chief Executive Officer of CDPQ said, "We are pleased to have Cyril
as our representative on the Board of Azure Power, a leading solar
company in India. This investment in a leading company and high-interest
market allows CDPQ to build our presence in the solar power sector in
India.”
CDPQ is investing at a time when India’s economic growth over the past
few years is generating increased demand for energy. Due to its
particular geographic location, India has one of the world’s highest
levels of solar. With lower costs involved in building solar panels,
these competitive advantages point to significant growth for this
industry in the years to come."
About Azure Power
Azure Power (NYSE: AZRE) is a leader in the Indian solar industry and
has developed, constructed and operated solar projects of varying sizes,
from utility scale to rooftop, since its inception in 2008. Azure Power
has a strong track record in delivering solar power projects, from the
construction of India’s first private utility scale solar PV power plant
in 2009, implementation of the first MW scale rooftop under the smart
city initiative in 2013, to the largest solar plant (100 MW) under
India’s National Solar Mission (NSM) policy in Jodhpur, Rajasthan. With
its in-house engineering, procurement and construction expertise and
advanced in-house operations and maintenance capability, Azure Power
manages the entire development and operation process, providing low-cost
solar power solutions to customers throughout India.
For more information, visit: www.azurepower.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170118006028/en/
Azure Power Global Ltd
Samitla Subba, +91-11- 4940 9800
[email protected]
Marketing,
Azure Power
Source: Azure Power Global Ltd
