BlackRock, Mubadala to invest $526 million in Tata Power's renewable energy unit

India's Tata Power Company said on Thursday that BlackRock Real Assets and Abu Dhabi`s Mubadala Investment Company would invest 40 billion rupees ($525.76 million) in the company`s renewable energy unit for a 10.53% stake

BlackRock, Mubadala to invest $526 million in Tata Power's renewable energy unit
The investment is expected to fund Tata Power Renewable Energy`s aggressive growth plans in the rooftop and electric vehicle charging space in India. Source: Reuters

India's Tata Power Company said on Thursday that BlackRock Real Assets and Abu Dhabi`s Mubadala Investment Company would invest 40 billion rupees ($525.76 million) in the company`s renewable energy unit for a 10.53% stake.

The investment is expected to fund Tata Power Renewable Energy`s aggressive growth plans in the rooftop and electric vehicle charging space in India.

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Tata Power Renewables is targeting a portfolio of over 20 gigawatts (GW) of renewables assets over the next five years, from 4.9 GW currently, Tata Power said in a regulatory filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/4ea36f21-f320-4c....

The investment, through equity or compulsorily convertible instruments, translates to a base equity valuation of 340 billion rupees for Tata Power Renewable Energy.

The first round of investment is expected to be completed by June and the rest by the end of 2022. ($1 = 76.0810 Indian rupees).

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Written By: Reuters
Updated: Thu, Apr 14, 2022
06:14 PM IST
New Delhi, Reuters
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