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Tata Power’s Renewable Energy Arm Receives Rs 2,000 Crore Investment From Greenforest

Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, has received the second and final round of investment worth Rs 2,000 crore from GreenForest New Energies Bidco Limited. This investment will fund TPREL’s aggressive growth plans, and it aims to achieve a portfolio of over 20 GW of renewables assets over the next five years. TPREL houses all renewable energy businesses of Tata Power, including those in utility-scale solar, wind & hybrid generation assets, solar cell & module manufacturing, EPC contracting, rooftop solar infrastructure, solar pumps, and electric vehicle charging infrastructure.

GreenForest holds 6.06% equity in TPREL and will hold 9.76% to 11.43% equity stake in TPREL on conversion of the Compulsorily Convertible Preference Shares (CCPS), subject to the equity valuation on final conversion. The completion of this equity infusion will fuel the next level of growth for TPREL and help it play a pivotal role in India’s efforts to secure greater energy stability through low carbon solutions for a sustainable future.

India is one of the world’s largest renewable energy markets, and its installed renewables capacity is expected to grow from 175 GW currently to 500 GW by 2030 to satisfy India’s local energy demand driven by GDP growth and contribute to the government’s decarbonization ambition. Tata Power is at the forefront of India’s ambition to secure greater energy stability for its citizens while positioning its economy for a low carbon future.

Source : Solar Quarter