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BlackRock Real Assets and Mubadala are investing $525 million (403m) for a 10.53% stake in Tata Power’s renewable energy business.
Tata Power Renewables will comprise Tata Power’s five renewable business units, including solar, wind and hybrid assets, manufacturing of solar cells and modules and solar pumps and electric vehicle (EV) charging infrastructure.
Tata Power Renewables currently has around 4.9GW of green energy assets.
The proposed investment is expected to fund the company’s growth plans, which include its goal to have a portfolio of more than 20GW of renewable assets and a market-leading position in the rooftop and EV charging sectors across India.
Anne Valentine Andrews, Head of Global Real Assets at BlackRock said: “We are delighted to invest alongside Tata Power in this diversified and vertically integrated renewables business.
“With the largest solar and wind assets in the country and a highly experienced management team, Tata Power Renewables is at the forefront of India’s ambitions to ensure greater energy security for its citizens, while positioning its economy for a low-carbon future. India’s success in transforming its energy economy will be critical to the world’s ability to meet its climate goals.”
The transaction is subject to prior conditions and customary regulatory approvals.
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