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- Tata Power Renewables is one of the largest renewable energy companies in India
ABU DHABI: Tata Power has agreed to sell some stakes in its renewable business to a consortium led by BlackRock Real Assets, which also includes Abu Dhabi based Mubadala Investment Company.
According to the binding agreement, BlackRock Real Assets, together with Mubadala, will invest $525 million via compulsorily convertible instruments for a 10.53 percent stake in the company, translating to a base equity valuation of $4.46 billion, according to a statement released by Mubadala.
This newly created platform will consist of five units — utility-scale solar, wind and hybrid generation assets; solar cell and module manufacturing; engineering, procurement and construction (EPC) contracting; rooftop solar infrastructure; and solar pumps and electric vehicle charging infrastructure.
FASTFACT
4.9 Gigawatts
Tata Power Renewables currently have approximately 4.9GW of renewable energy assets.
“I am delighted to welcome BlackRock Real Assets and Mubadala to join us to take the renewables business to the next level of growth. The collaboration will support us to pursue exciting opportunities that lie ahead in the coming decades,” said Praveer Sinha, CEO and Managing Director, Tata Power Company Limited.
Khaled Abdulla Al Qubaisi, CEO, Real Estate and Infrastructure Investments at Mubadala said: “As a responsible investor, Mubadala is focused on renewable energy in multiple markets, so we are delighted to invest in Tata Power Renewables to support energy transition efforts in India in partnership with Blackrock Real Assets.”
“Tata Power Renewables is at the forefront of India’s ambition to secure greater energy stability for its citizens. It is also positioning its economy for a low carbon future. India’s success in transitioning its energy economy will be crucial to the world’s ability to meet its climate goals,” said Anne Valentine Andrews, BlackRock’s Global Head of Real Assets.
Tata Power Renewables is one of the largest renewable energy companies in India.
Its vertically integrated operations currently have approximately 4.9GW of renewable energy assets.