Tata Power Looking to Raise Upto $750 Million For Renewable Business

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The deal between Petronas and Tata Power was supposedly called off at the last minute

Tata Power has once again started the process of raising funds for renewable business. A report by the Economic Times suggests that the Tatas are looking to raise anywhere close to $750 million.

The company, in April 2021 had ended talks with Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) in connection with an investment deal of $2 billion for the proposed renewable energy infrastructure investment trust (InvIT). The deal between Petronas and Tata Power was supposedly called off at the last minute.

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Tata Power Renewable Energy Ltd (TPREL), which is a subsidiary of Tata Power Co Ltd (TPCL), had idea ted last year to raise $500-750 million, which would also have helped the power major to bring down its net debt from Rs 36,363 crore to about Rs 25,000 crore.

Then, there was news that Tata Power was considering to take the IPO route to rasie around $450 million dollars. Tata Power, which along with its subsidiaries has a generating capacity of 12.8 gigawatts, claims that clean energy forms about 30 per cent of its total power business.

Tatas, as per the report, are looking to club its entire renewables portfolio–operating and pipeline independent power producer (IPP) assets, charging stations, rooftop solar, microgrids, panel manufacturing, engineering, procurement and construction (EPC), under one umbrella. The umbrella will be used to raise equity for the entire platform.

The govt of India’s announcement to focus on renewable energy has already resulted in Reliance committing Rs 75,000 crore, and Adani announcing investments worth $20 billion in the sector.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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