- Target to double energy portfolio in next 3 to 4 years by focusing on low-carbon growth areas
- To explore diversification into power distribution and other customer-focused energy businesses
- Announces formal commitment to the Science Based Targets Initiative (SBTi)
- Issued 13.14 million units of carbon offsets since inception
NE BUSINESS BUREAU
AHMEDABAD, OCT 28
CLP India on Wednesday announced a refreshed drive to accelerate growth under its new corporate identity – Apraava Energy and aims to double its existing energy portfolio in the next three to four years.
”After powering India for almost two decades as a diversified provider of low-carbon energy, CLP India today announced a refreshed drive to accelerate growth under its new corporate identity – Apraava Energy,” a company statement said.
The company has set a target to double its existing energy portfolio in the next three to four years, the statement said.
Broadening its horizon to explore non-generation opportunities, Apraava Energy plans to further expand its power transmission business and pursue possibilities in electricity distribution, it added.
As the power sector gets privatized, the company will proactively focus on foraying into low-carbon customer-focused energy businesses, it stated.
Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said: “Over the last two decades we have built a financially resilient business by providing customers with reliable, high-quality energy, while all our stakeholders have benefitted from our world-class governance and operating standards. As we embark on a new chapter in our growth story, Apraava Energy remains committed as ever to our country and our stakeholders. Apraava Energy will support India’s ambitions of providing clean and sustainable energy to all in the development of a low-carbon nation.”
Apraava Energy is jointly owned by the CLP Group, one of Asia’s largest investor-owned power businesses, and Caisse de dépôt et placement du Québec (CDPQ), a global investment group.
Richard Lancaster, Chief Executive Officer, CLP Holdings, said, “Apraava Energy is now ranked among the top-10 private power producers in India, as our investment in the country has come a long way since 2002.”
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said, “Apraava Energy is one of our core investments in India’s power sector. In recent years, the company has steadily grown its low-carbon portfolio, and it now has a powerful vision for the role it intends to play in India’s energy sector across generation, transmission and distribution. As part of our commitments to reduce by 60% our portfolio’s carbon intensity by 2030, we are backing Apraava’s strategy, and we will continue to support India’s transition towards clean energy.”
The name of Apraava Energy is inspired by the combination of four Sanskrit words – Agni (Fire), Prithvi (Earth), Ambu (Water) and Vayu (Wind), epitomising an entity that harnesses the power of multiple natural elements. Apraava Energy will bring these elements to life by pursuing sustainable growth focused on the three pillars of People, Planet and Profit.
