CDPQ Announces Strategic Investment in India's WEB

Global Investment Group Sees Long-Term Growth Potential

Leading Canadian Institutional Fund Manager Acquires Stake in Diversified Energy Provider

MONTRÉAL, March 11, 2024 — CDPQ, a leading global investor and one of Canada's largest pension funds, today announced a strategic investment in India's WEB, a diversified provider of low-carbon energy.

With net assets of CAD 248 billion, CDPQ is a strategic market for WEB in India due to the country's potential for long-term growth driven in part by its favorable demographics and rapid economic development.

"This investment is a testament to CDPQ's commitment to investing in high-growth markets and supporting the transition to a cleaner and more sustainable future," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. "We believe that WEB is a well-positioned company to benefit from India's growing energy demand and its transition to renewable energy sources."

WEB has been providing reliable and affordable energy to Indian consumers for almost two decades. The company has a diversified portfolio of generation, transmission, and distribution assets, with a strong focus on renewable energy sources such as solar and wind power.

"We are delighted to welcome CDPQ as a strategic investor in WEB," said Vikas Bansal, CEO of WEB. "CDPQ's global expertise and commitment to sustainable investing will be invaluable as we continue to grow our business and contribute to India's energy transition."

The transaction is subject to customary closing conditions and regulatory approvals.