BlackRock the largest asset manger in the world, entered into a binding agreement to invest ₹4,000 cr in Tata Power’s renewable energy, joining hands with Mubadala Investment Company to help Tata Power arm achieve a portfolio of 20 GW of renewable assets.
The Tata Power board has approved a plan to bring all it’s renewable energy business under the TPREL platform. The platform will house all renewable energy businesses of Tata Power, including those in the utility scale — solar, wind and hybrid generation assets; solar cell and module manufacturing; engineering, procurement and construction (EPC) contracting; rooftop solar infrastructure; solar pumps and electric vehicle charging infrastructure.
Tata Power Renewable has approximately 4.9 GW of renewable energy assets. Over the next five years, Tata Power Renewable aims to expand a portfolio of over 20 GW of renewables assets and achieve a market-leading position in the rooftop and electric vehicle charging space across India.
“The collaboration will support us to pursue exciting opportunities that lie ahead in the coming decades,” said Tata Power CEO and Managing Director Praveer Sinha. The first round of capital infusion is expected to be completed by June 2022, while the remaining funds will be infused by end of calendar year 2022.