Tata Power subsidiary raises Rs 2,000 crore in green energy push

The transaction is part of the Rs 4,000-crore investment announced in April by Tata Power for its green energy business

Tata Power's Welspun deal is not without risks
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The investment will enable Tata Power to increase its capacity at a time when rivals such as the Adani group and Reliance Industries (RIL) are also ramping up their clean energy portfolios

BS Reporter Mumbai
Tata Power Renewable Energy, a subsidiary of Tata Power, on Thursday said it raised Rs 2,000 crore by issuing 83.6 million equity shares to BlackRock-backed GreenForest New Energies Bidco. 

The transaction is part of the Rs 4,000-crore investment announced in April by Tata Power for its green energy business. 

The company said that it would offload 10.53 per cent stake in its renewable energy arm to a consortium backed by BlackRock and Mubadala, translating into a base equity valuation of Rs 34,000 crore. The final shareholding would vary between 9.76 per cent and 11.43 per cent upon conversion. 

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First Published: Aug 18 2022 | 10:15 PM IST

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