Tata Power seeks long-term funding for micro grid initiative
Tata Power is looking for funding from long-term capital providers such as foundations and sovereign wealth funds to give a further fillip to its micro grid initiative.
In November 2019, Tata Power, along with Rockefeller Foundation, launched an initiative to set up 10,000 micro grids over five years, in an effort to provide electricity across places where electricity is scarce or unavailable. In line with this, it formed a company TP Renewable Microgrid, which will be operated and managed by Tata Power.
“We are looking at long-term capital with relatively lesser return expectations,” Tata Power CEO Praveer Sinha told BusinessLine. Foundations such as Omidyar, United Nations Foundation and sovereign wealth funds such as CDPQ invest in sustainable ventures.
