Tata Power raises Rs 4,000 crore to fund growth of its renewable energy business
NEW DELHI: Tata Power on Thursday said that its renewable energy arm has raised Rs 4,000 crore from two foreign investment firms~BlackRock and Mubadala to fund the growth of its renewable energy business in India. BlackRock Real Assets, together with Mubadala will invest Rs 4,000 crore by way of equity for a 10.53% stake in Tata Power Renewables, translating to a base equity valuation of Rs 34,000 crore. The final shareholding will range from 9.76 % to 11.43% on final conversion.
“The Tata Power Company. and BlackRock Real Assets-led consortium, including Mubadala Investment Company, have entered into a binding agreement to invest in Tata Power’s renewable energy subsidiary, Tata Power Renewable Energy Limited,” said the company in a statement.
