Market For Renewables
Graham expects a “real appetite for renewables”. “We have created a sustainable energy group to invest across the entire energy spectrum and in the energy transition.”
Part of the fund’s team is focusing on technology innovation and has a mandate to invest in technologies and venture capital funds that facilitate the transition.
CPPIB has $13.9 billion invested in conventional energy, and nearly $6 billion in renewable assets, including ReNew Power Ventures Pvt. in India.
Graham terms India as “a target market” for sustainable energy. “We are investing in the best available renewable platform (ReNew Power),” he said.
Key India Investments
The fund has investment in roads, infrastructure, real estate, renewable assets, private and public equity in India, said Graham. The domestic infrastructure portfolio, he said, comprise “mature assets”.
CPPIB holds major investments in IndoSpace, Phoenix Mills Ltd. and the National Infrastructure Investment Fund. In the tech space, it has invested in Byju’s, Flipkart, and recently in VerSe Innovation Pvt.. Other infrastructure investments include Indinfravit Trust, NHAI InvIT and PGInvIT.
The fund is not fixated on short-term returns, said Graham. “We are long-term investors. For us, five to seven years is short term. We stay invested for generations and look at an investment horizon of 25 years.”