The Ontario Teachers Pension Plan Board (OTPP) will pay ₹23 billion (US$300 million) for the equity stake in the Thane-headquartered company, a subsidiary of the Mahindra Group conglomerate. The two firms will also establish an infrastructure investment trust to hold an initial 1.54 GW of renewable assets; OTPP has committed another US$450 million over seven years to the two ventures. (The Logic)

Talking point: In November 2021, India’s ruling Bharatiya Janata Party announced a target of generating half its energy needs from renewable sources by 2030, with 500 GW of installed non-fossil-fuel capacity; the country had 167 GW in place at the end of June, per the federal power ministry. OTPP isn’t the only Canadian pension fund looking to invest in companies trying to fill that gap. Caisse de dépôt et placement du Québec and OMERS own nearly three-quarters of New Delhi-based Azure Power between them, while the Canada Pension Plan Investment Board has backed Gurugam-headquartered ReNew Power. All four Canadian pension funds have also bought up road portfolios on the rapidly-urbanizing subcontinent.