Canadian institutional fund manager Caisse de dépôt et placement du Québec (CDPQ) on Wednesday set up its Indian operations and announced a commitment of $150 million to the renewable energy sector, its first in growth markets.
“Over the next three to four years, CDPQ will use its commitment to target hydro, solar, wind and geothermal power assets, with investments likely to take the form of select partnerships with leading Indian renewable energy companies,” it said in a statement. The move comes at a time when the government has set up a goal of 100 gigawatt of solar capacity and 60 gigawatt of wind power by 2022. CDPQ is one the biggest investors in wind energy in North America, financing over 5,400 MW of wind power through its stake in Invenergy. It also holds a major stake in London Array, the biggest offshore wind farm, generating 630 MW of wind energy.