BlackRock and Mubadala buy stake in India’s Tata Power Renewables for $525m
- Date: 20-Apr-2022
- Source: Energy Voice
- Sector:Oil & Gas
- Country:Middle East
BlackRock and Mubadala buy stake in India’s Tata Power Renewables for $525m
A group of investors led by BlackRock Real Assets and Mubadala Investment Co. infused 40 billion rupees ($525 million) into the renewable energy unit of Tata Power Co., the Mumbai-based company said.
The investor group will get about 10.53% stake in Tata Power Renewable Energy Ltd. for the funds injected through equity and compulsorily convertible instruments, Tata Power said in an exchange filing last week. Tata Power board also approved moving all its renewable energy businesses into TPREL, according to the filing.
The deal reflects the pivotal position of the largest Indian conglomerate’s power unit in the clean energy transition as the country seeks to reduce its dependence on fossil fuels. A massive expansion of renewable energy generation capacity and new technologies such as green hydrogen and energy storage is underway in the South Asian nation.
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