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Caisse, OMERS hit hard after renewables company Azure Power’s share price plummets

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Azure Power lost two-thirds of its market value last week on the NYSE, shaving hundreds of millions of dollars from the portfolios of two major Canadian pension funds

. OMERS co-owned the chain with Alberta Investment Management Co. .

In an e-mail, OMERS spokesperson Neil Hrab said the pension manager “is an investor in high-quality investments around the globe. We invest in companies that share our values – which include acting with integrity and upholding the highest professional standards. Consistent with this, we expect the companies in our portfolio to adhere to strong and effective governance and compliance practices, and we fully support any necessary and appropriate measures on related issues.

Founded in 2008, Azure Power says it installed India’s first private utility-scale solar project in 2009. It says it issued the country’s first “green bond” and that it owns and operates the largest single-site solar project in India. The Caisse has been with Azure Power from its beginning as a public company, buying US$75-million of shares, at $18 apiece in its October, 2016, initial public offering. It bought more shares on the open market and also participated in several more of the company’s stock offerings.Both funds may have made their most serious commitment to Azure Power early this year, however. The company launched a share sale called a rights offering.

 

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Caisse, OMERS hit hard after renewables company Azure Power’s share price plummetsAzure Power lost two-thirds of its market value last week on the NYSE, shaving hundreds of millions of dollars from the portfolios of two major Canadian pension funds ..brutal....
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