Tata Power Renewable completes $525 million equity fundraising from BlackRock, Mubadala

The investment will fund Tata Power Renewable’s aggressive growth plans as it targets over 20 GW of renewables assets and a market-leading position in the rooftop and electric vehicle charging space across India over the next five years.

March 1, 2023 Uma Gupta

Image: Tata Power

Tata Power Renewable Energy has received the second and final round of INR 2,000 crore capital infusion from UK-based GreenForest New Energies Bidco, an investment platform jointly run by US asset management fund BlackRock Real Assets and Abu Dhabi sovereign wealth fund Mubadala Investment Co.

With this, TPREL has completed INR 4,000 crore ($525 million) of equity fundraising from GreenForest New Energies.

In the latest round, TPREL issued 200 million compulsorily convertible preference shares (CCPS) to GreenForest New Energies for INR 2,000 crore.

GreenForest holds 6.06% equity in TPREL. On the conversion of the above CCPS, it will have a 9.76% to 11.43% equity stake in TPREL, subject to the equity valuation on final conversion, stated Tata Power.

The investment by BlackRock and Mubadala will fund Tata Power Renewables’ aggressive growth plans as it targets over 20 GW of renewable assets and a market-leading position in the rooftop and electric vehicle charging space across India over the next five years.

The newly created platform will house all the renewable energy businesses of Tata Power, 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.

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