BlackRock looks to power Tata Power’s green business

The biggest green warrior on Wall Street might soon partner with one of India’s most trusted conglomerates. BlackRock chairman and CEO Larry Fink is closing in on an investment of $500-750 million (₹3,750-5,625 crore) in Tata Power NSE 1.11 % Renewable Energy Ltd (TPREL), said people with knowledge of the matter. That will value the subsidiary of listed Tata Power at around $5 billion (around ₹35,000 crore), said people aware of the development. Fink was among the earliest champions of climate change and sustainability linked investment; BlackRock is the world’s largest asset manager.

ET was the first to report, on September 22, about Tata Power restarting capital-raising plans, mandating investment bank Moelis, nearly six months after pulling out of talks with Malaysian state-owned energy giant Petronas for a potential $2 billion investment.