, India

Tata Power’s RE arm secures $525m investment

The completion of the equity infusion will support TPREL’s growth plans.

The $525m (INR4,000 crore) investment in Tata Power Renewable Energy Limited (TPREL) led by the consortium of BlackRock Real Assets and Mubadala Investment Company has been completed.

In a statement, Tata Power this follows after it received the second and final round of investment of around $244m (INR2,000 crore) from GreenForest New Energies, bringing its equity stake in TPREL to 9.76% to 11.43%.

The completion of the equity infusion will fund TRPEL’s growth plans which include achieving a portfolio of over 20 gigawatts of renewables over the next five years.

READ MORE: Tata Power profit surges 91% YoY in Q3 FY23

"Tata Power Renewables with its broad and deep portfolio of next-generation renewables businesses is well poised to further solidify its position as an industry leader,” said Tata Power CEO and Managing Director Praveer Sinha. 

“The completion of Rs 4,000 crore (~US$ 525 million) worth capital infusion into our renewables business will fuel the next level of growth and help us play a pivotal role in India’s efforts to secure greater energy stability through low carbon solutions for a sustainable future,” he added.

An agreement was signed between Tata Power, TPREL and BlackRock Real Assets-led consortium, including Mubadala, last 14 April 2022.

$1 = INR82.08

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