Tata Power Renewable gets Rs 2,000 crore investment from GreenForest

1 Mar 2023 , 01:03 AM

Tata Power Renewable Energy Limited (TPREL), a major player in India’s renewable energy sector and a subsidiary of The Tata Power Company Limited (Tata Power), has just received its last infusion of funds from GreenForest New Energies Bidco Limited (GreenForest) totaling Rs 2,000 crore.

As part of the deal, GreenForest has been issued 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at a face value of Rs100 each, aggregating to the same Rs 2,000 crore, through a preferential allotment.

Following the receipt of this second installment, TPREL has successfully secured a total investment of Rs 4,000 crore in line with the binding agreement signed on April 14, 2022, with a consortium led by BlackRock Real Assets and including Mubadala Investment Company (Mubadala), all within the designated timeframe.

GreenForest now possesses 6.06% equity in TPREL, which will increase to a stake between 9.76% to 11.43% once the CCPS are converted, subject to the final valuation of the company’s equity.

The equity investment will help to fund India’s most comprehensive renewable energy platform, which will include five distinct businesses that will provide long-term, customer-oriented solutions.

TPREL’s aggressive growth plans will be funded by the completion of this equity infusion. Over the next five years, it aims to have a portfolio of more than 20 GW of renewable assets and to be the market leader.

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