Tata Power plans to pare debt with Rs 16,000 cr renewables InViT
Mumbai: Tata PowerNSE 3.61 % is exploring the establishment of an infrastructure investment trustNSE -8.75 % (InvIT) for its near 3 gigawatt (GW) renewable energy portfolio to deleverage its balance sheet by a fourth and raise growth equity from investors, said people with knowledge of the matter. If it goes ahead, Tata Power will join Larsen and Toubro, Reliance IndustriesNSE 1.01 %, Sterlite and Piramal Enterprises in creating investment trusts for operational infrastructure assets.
Tata Power, the country’s largest integrated power company, has 2,549 MW of renewable capacity and a presence in 14 states across India. Another 400-500 MW is in the pipeline. It’s largely a solar portfolio on account of its $1.4 billion acquisition of Welspun Energy’s assets in June 2016.
