TPREL authorises sale of 83.6 million shares

Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of Tata Power has authorised the allotment of 83.6 million equity shares. These shares have a face value of Rs 10 each at a price of Rs 239.22 per share including a premium of Rs 229.22. The move has been taken to support TPREL’s financial growth plans. A joint investment vehicle of BlackRock Real Assets and Mubadala Investment Company owned by the Abu Dhabi government, GreenForest New Energies Bidco Limited was given preferential access to the shares, totaling Rs 20 billion.

The investment includes a broad portfolio of assets with consistent revenue streams, including a 25-year fixed-price power purchase agreement for large-scale grid-connected projects. The platform will comprise five distinct businesses that will provide long-term customer-centric solutions while accommodating Tata Power’s clean energy businesses and operations.

Businesses in utility-scale solar, wind, and hydro generation assets; solar cell and module manufacturing; engineering, procurement, and construction contracting; rooftop solar infrastructure; solar pumps, and electric vehicle charging infrastructure are among them. Tranche I of the transaction has been completed with the approval of the most recent allotment of shares. Another Rs 20 billion infusion will be completed six months after the agreement is signed.

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