© Reuters. FILE PHOTO: People walk past a screen showing Mahindra and Mahindra logos before the start of a press conference in Mumbai, India May 30, 2016. REUTERS/Danish Siddiqui
MUMBAI (Reuters) – Canada’s Ontario Teacher’s Pension Plan has agreed to buy a 30% stake for 23.71 billion rupees ($297.5 million) in the Indian carmaker’s renewable energy assets. Mahindra, an exchange profile shows.
“This will allow the Mahindra Group to unlock value in the Renewable Energy Sector and will continue to invest alongside Teachers Ontario to help realize the dual goals of rapid growth and global leadership in ESG.” , Mahindra said in the exchange filing on Saturday .
Retirement and infrastructure funds often buy shares in renewable energy production projects, tempted by predictable long-term returns.
Earlier this year, Reuters reported that OTTP had agreed to invest up to $1 billion in a new offshore wind business set up by Australia’s Macquarie Group (OTC: Ltd, to develop projects around the world) gender.
(1 dollar = 79,6860 Indian rupees)