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OMERS Infrastructure Agrees to Purchase 19.4% Stake in Azure Power

Transaction expands Canadian pension plan’s direct investment holdings in India, while increasing its global exposure to renewables sector

SINGAPORE, July 30, 2021 (GLOBE NEWSWIRE) — OMERS Infrastructure today announced that it has signed a Stock Purchase Agreement to acquire from International Finance Corporation and IFC GIF Investment Company I an approximately 19.4% stake in Azure Power Global Limited (NYSE: AZRE), for a total consideration of approximately US$219m. Founded in 2008, Azure Power is a leading independent renewable power producer located in India, with an asset base of ~2 GW of operational capacity and ~5 GW of capacity under construction or awarded.

“This agreement to invest in Azure Power demonstrates OMERS strong global interest in high-quality renewable power and energy transition assets, as well as our interest in India as an investment destination and Asia-Pacific more broadly,” said Annesley Wallace, Executive Vice President and Global Head of OMERS Infrastructure. “This transaction directly supports our mission of building a strong portfolio of well-run assets that will help pay pensions to our members over the long term,” she added.

“Azure Power’s vision is to provide affordable, clean energy in an efficient, sustainable and socially-responsible manner. OMERS is proud to be working with the management and our fellow investors to help Azure Power achieve its goals,” said Prateek Maheshwari, Managing Director, Asia, OMERS Infrastructure. “The closing of this transaction would mark our second direct infrastructure investment in India, following our 2019 investment in the IndInfravit toll road platform. In support of our goal of prudently diversifying OMERS investments across global markets, we will continue to explore additional promising opportunities in India and throughout Asia-Pacific,” he added.

OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine U.S. states, totaling more than 2 GW of installed capacity. Leeward is headquartered in Dallas, Texas.

The transaction is expected to close in early August. Ambit Private Limited acted as financial advisor to OMERS Infrastructure.

Neil Hrab
Manager, Media Relations

About OMERS and OMERS Infrastructure:
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver sustainable, affordable and meaningful pensions to OMERS members.

OMERS diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, digital services, transportation and government-regulated services. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate. OMERS is one of Canada’s largest defined benefit pension funds, with net assets of C$105 billion.

For more information, please visit: www.omersinfrastructure.com

Penang celebrates Family Day online for second straight year


GEORGE TOWN, July 31 — The third edition of Penang state-level Family Day 2021, celebrated online for the second straight year following the COVID-19 pandemic, has lined up various exciting activities to promote quality time among family members.


Chief Minister Chow Kon Yeow said in this year’s celebrations, themed ‘Happy Family, Bright Future’, organisation of various appropriate online activities had been selected to enable all family members to participate, starting today until Aug 28, through the Facebook page of the Penang Women’s Development Corporation (PWDC), as the event co-organiser.


“Parents can take this opportunity to strengthen family ties with various activities at home according to their priorities and suitability,” he said after officiating the Penang state-level Family Day 2021 celebrations via Zoom webinar in Komtar, today.



Meanwhile, the state Social Development and Non-Islamic Religious Affairs Committee chairman, Chong Eng said among the interesting activities that had been lined up included virtual training, creative board games and artworks as well as online forums that would help family bond.


She hopes the public can take advantage of the month-long celebrations and spend quality time with their loved ones.


“According to the Journal of the American Academy of Child and Adolescent Psychiatry, in April 2021, quality time with family, as well as good family relationships can lead to lower mental health symptoms.



“The same report also stated that a good family environment also increases children’s resilience and has a positive impact on their mental health,” she said.


She added that the Women and Family Development Committee (JPWK) and the Village Community Management Council (MPKK) will help any families affected by the pandemic in terms of home-based business projects, as an initiative in supporting those who have lost their income.


“I would like to assure everyone that the state government will always be with the people, to face this challenge together as we are fully aware of the difficult situation that the people are going through at this time,” she said.




Source: BERNAMA News Agency

Nursery operators urged to submit application for special assistance before Aug 31

SEPANG, July 31 — The Women, Family and Community Development Ministry (KPWKM) has urged all nursery operators registered with the Social Welfare Department (JKM) to apply for the special assistance under the People’s Well-Being and Economic Recovery Package (PEMULIH) before Aug 31.


Minister Datuk Seri Rina Mohd Harun said RM13.2 million had been allocated for the benefit of about 4,400 nursery operators.


“The purpose of the aid  is to ease the burden of the operators in managing the centres and help them bear the cost of disinfecting the premises and all other facilities in ensuring that the centres adhere to the latest standard operating procedures (SOP),” she said after presenting PEMULIH aid to five nurseries here today.



Rina said so far, 1,101 operators have applied for the one-off assistance of RM3,000 for institutional child care centres, workplace and community day care centres and RM800 for those who operate from their homes.


“Of the 1,101 applications, over 600 have been approved and those who have not submitted their application, have until Aug 31 to do so through the district JKM office or the JKM website.


“The approval will not take long and the operators are only required to submit the basic documents,” she added.



At the event today, the RM3,000 special assistance was presented to Taska Nur Qasih Ixora, Taska Daun Biru and Taska Cahaya Permata Dengkil  while two home-based nurseries each received RM800.




Source: BERNAMA News Agency