Tata Power and Black Rock Real Assets led consortium including Mubadala Investment company has entered into a binding agreement to invest Rs 4000 cr in Tata Power Renewables, according to a report.
Black Rock Real Assets will invest the funds by equity and compulsorily convertible instruments for a 10.53% stake in Tata Power Renewables translating to a base equity valuation of Ra 34000 crore. The final shareholding will range from 9.8% to 11.4% on final conversion, Economic Times has reported.
The newly created platform will house all renewable energy businesses of Tata Power including utility scale solar, wind and hybrid generation and construction.
Tata Power has a stated plan to phase out coal-based capacity and expand its clean and green capacity to 80% by FY30.
