Canadian investment firm CDPQ has agreed to purchase an additional 10% stake in India-based Apraava Energy for Rs6.6bn ($83m) from Chinese power company CLP.

CDPQ now owns a 50% stake in Apraava Energy, having previously bought a 40% stake in the independent power producer in 2018.

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The pension fund noted that the deal will make its governance rights in Apraava Energy equal to those of CLP, one of the largest foreign investors in India’s power sector.

CDPQ Head of Infrastructure Emmanuel Jaclot said: “Ever since our investment in Apraava Energy nearly four years ago, CDPQ has strived alongside CLP to transform Apraava into a true sustainability leader equipped with a clear plan to transition to renewable energy.

“We are delighted to increase our stake in the company, helping drive this agenda forward while supporting India’s ambition of providing clean and sustainable energy to all.”

Apraava Energy’s portfolio consists of 3.15GW of installed capacity, which includes a 1.32GW coal-fired power plant in Haryana and a 655MW gas-fired power station in Gujarat.

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The company also has 924MW of wind and 250MW of solar energy capacity across seven Indian states, as well as a power transmission asset.

Completion of the deal is subject to several conditions being met, including the receipt of approvals from the regulatory bodies.

Apraava Energy managing director Rajiv Mishra said: “We will continue to focus on building a sustainable power company that will invest only in low-carbon growth areas, including renewable generation, transmission, distribution, as well as other customer-focused energy businesses.

“As we move forward, all of our decisions and efforts will epitomise energy in action, thereby creating value for all our stakeholders.”

In May this year, CDPQ finalised a deal to purchase Terna Group’s power transmission network in Latin America for more than €265m ($278.7m).