Piramal, CPPIB team up for $600 mn renewable energy InvIT

Billionaire Ajay Piramal-led Piramal Enterprises Ltd and Canada Pension Plan Investment Board (CPPIB) have signed an initial pact to co-sponsor a renewable energy-focussed Infrastructure Investment Trust (InvIT).

The InvIT will have an initial corpus of $600 million (Rs 4,160 crore) with an option to increase it further, Piramal said in a statement. The Canadian pension fund will contribute $360 million to this corpus while Piramal will put in $90 million.

The InvIT will seek to acquire up to 1.5-2 gigawatt of stable and cash-generating renewable energy assets on a hold-to-maturity basis, the statement said.

Source: vccircle