Tata Power Renewable Energy Limited has raised 4,000 crore to establish India’s most comprehensive renewable energy platform in order to expand its renewable energy portfolio.
Tata Power and a consortium led by BlackRock Real Assets, which includes Mubadala Investment Company, have signed a definitive agreement to invest in company’s renewable energy business.
BlackRock Real Assets and Mubadala would invest 4,000 crore in Tata Power Renewables via equity/compulsorily convertible instruments for a 10.53 percent stake, equivalent to a 34,000 crore base equity valuation. On final conversion, the total shareholding will range from 9.76 percent to 11.43 percent.
The company’s renewable energy businesses, including utility-scale solar, wind, and hybrid generation assets, solar cell and module manufacturing, engineering, procurement, and construction (EPC) contracting, rooftop solar infrastructure, solar pumps, and electric vehicle charging infrastructure, will be housed on the newly created platform.
The diverse asset portfolio guarantees varied yet secure revenue streams, including 25-year fixed-price PPAs for grid-connected utility size projects.
Tata Power Renewables is at the vanguard of India’s desire to guarantee greater energy stability for its inhabitants while preparing its economy for a low-carbon future, with one of the country’s largest portfolios of solar and wind assets and a highly experienced management team.
Reference- Tata Power PR & website, Economic Times, Live Mint, Mercom India, Money Control