Tata Power RE Ltd (TPREL) Gets Second Slice of INR 2,000 Cr Infusion from GreenForest

Highlights :

  • Tata Power Renewable Energy Limited ((TPREL) is set to lead in the renewable business as it has received the second and final round of investment of INR 2,000 crore from GreenForest New Energies Bidco Limited (GreenForest).
Tata Power RE Ltd (TPREL) Gets Second Slice of INR 2,000 Cr Infusion from GreenForest Tata Power RE Subsidiary Gets LoA for 966 MW RTC Hybrid Renewable Power Project

Tata Power Renewable Energy Limited ((TPREL) is set to lead in the renewable business as it has received the second and final round of investment of INR 2,000 crore from GreenForest New Energies Bidco Limited (GreenForest).

Tata Power has successfully allotted 20 crores compulsorily convertible preference shares (CCPS) at face value of ₹100 each at par aggregating to ₹2,000 crore on a preferential basis to GreenForest, said the statement.

GreenForest New Energies Bidco LImited is an active private limited company, incorporated on 15 March 2022.

Subsequent to this second round of investment, informed the statement further, that TPREL has now received ₹4,000 crore of investment.

GreenForest holds 6.06 per cent equity in TPREL and on the conversion of the above CCPS, will hold a 9.76 per cent to 11.43 per cent equity stake in TPREL, subject to the equity valuation on final conversion, revealed the statement.

TPREL accommodates all renewable energy businesses of Tata Power viz. utility scale solar, wind and hybrid generation assets, solar cell and module manufacturing, Engineering, Procurement and Construction (EPC) contracting, rooftop solar infrastructure, solar pumps and electric vehicle charging infrastructure.

With this investment TPREL’s, it aims to achieve a portfolio of over 20 GW of renewables assets and a market leading position, over the next five years

Commenting on this, Dr Praveer Sinha, CEO and MD, Tata Power,said, “Tata Power Renewables with its broad and deep portfolio of next-generation renewables businesses is well poised to further solidify its position as an industry leader. The completion of ₹4,000 crore ($525 million) worth of capital infusion into our renewables business will fuel the next level of growth and help us 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 with over 60 per cent new capacity added over the past four years. Moreover, with India’s mission of 500 GW by 2030, the present  funds will help Tata Power to contribute  to the GOI’s decarbonisation goal and  support the macro energy transition trends in the country.

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