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BENGALURU, April 14 (Reuters) – India’s Tata Power ( TTPW.NS ) said on Thursday that BlackRock Real Assets and Abu Dhabi’s Mubadala Investments will invest 40 billion rupees ($525.76 million) in the company’s renewable energy unit for a 10.53 percent stake. .
The investment is expected to fund Tata Power Renewable Energy’s aggressive expansion plans in the rooftop and electric vehicle charging space in India.
Tata Power Renewables is targeting more than 20 gigawatts (GW) of renewable assets over the next five years, from 4.9 GW currently, Tata Power said in a regulatory filing.
The investment, through equity or mandatory convertible instruments, translates into a base investment of Rs 340 billion for Tata Power.
The first round of investment is expected to be completed in June and the rest by the end of 2022.
($1 = 76.0810 Indian Rupees)
Reporting by Chris Thomas in Bengaluru; Edited by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles.
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