Resource detail

Piramal Enterprises and Canada Pension Plan Investment Board (CPPIB) will set up a renewable energy-focused Infrastructure Investment Trust (InvIT). The initial corpus will be $600 million, Piramal said. CPPIB is committing $360 million and will hold up to 60 per cent stake while Piramal will commit $90 million and hold 15 per cent. They aim to raise capital from other investors for the remaining 25 per cent. Piramal would be the sole investment manager and project manager for the proposed InvIT. The latter would seek to acquire up to 1.5-2 GW of ‘stable and cash-generating renewable assets, on a hold-to-maturity basis’.