A giant of the Canadian pension fund and institutional investment sector, Caisse de dépôt et placement du Québec (CDPQ), has revealed plans to expand into India.
The company, which boasts $248 billion in assets and is one of the leading institutional fund managers in Canada, will establish an office in New Delhi, India, adding to its existing presence in Quebec City, Montreal, Sydney, Beijing, Singapore, Paris, Mexico City, New York and Washington.
Its initial focus in the country will be on renewable energy investments – it has already committed US$150 million for this area. Having financed more than 5,400MW of wind power in North America thanks to a stake in Invenergy, it will now target geothermal, wind, solar and hydro investments in India by forming select partnerships with companies in the country.
According to Michael Sabia, the CEO and president of CDPQ, the country offers exciting prospects.
“We believe India stands out as an exceptional country to invest in, given the scope and quality of investment opportunities, the potential for strategic partnerships with leading Indian entrepreneurs, and the current government’s intention to pursue essential economic reforms,” he said.
In addition, the company has also announced the appointment of Anita Marangoly George as managing director for South Asia.
Ms. George is one of the pioneers in supporting the finance of renewable energy across emerging markets and has already helped finance a commercial solar project in India. Speaking in a company release, Rashad Kaldany, the executive vice-president of growth markets for CDPQ, expressed his delight at the appointment.
“With Ms. George’s vast experience in the South Asian business environment, CDPQ will be ideally positioned to identify the right partners and the best opportunities,” he said. “We are pleased to see Ms. George join our organization and contribute her talent and expertise as a former senior World Bank Group executive to help us implement our investment strategy in India.”
Ms. George will officially take up her new position from April 01.