The Tata Power Company Ltd. (Tata Power) and BlackRock Real Assets-led consortium, including Mubadala Investment Company (Mubadala), have entered into a binding agreement to invest in Tata Power’s renewable energy subsidiary, Tata Power Renewable Energy Limited (Tata Power Renewables).
BlackRock Real Assets, together with Mubadala, shall invest US$ 525 by way of equity / compulsorily convertible instruments for a 10.53% stake in Tata Power Renewables, translating to a base equity valuation of US$ 4.46 billion. The final shareholding will range from 9.76% to 11.43% on final conversion. This newly created platform will consist of five distinct businesses delivering long-term, customer orientated solutions. It will house all renewable energy businesses of Tata Power including those in: Utility Scale Solar, Wind & Hybrid Generation assets; Solar Cell & Module Manufacturing; Engineering, Procurement and Construction (EPC) contracting; Rooftop Solar infrastructure; Solar Pumps and Electric Vehicle Charging infrastructure.
