TPREL received a Rs.2,000 crore investment from GreenForest New Energies Bidco
Tata Power Renewable Energy Ltd (TPREL) has received a Rs 2,000 crore investment from GreenForest New Energies Bidco, which includes an allocation of 20 crore preference shares to the latter. TPREL received the second and final round of investment of Rs 2,000 crore from GreenForest and successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at a face value of Rs 100 each at par, totalling Rs 2,000 crore on a preferential basis to GreenForest.
TPREL has now received an investment of Rs 4,000 crore as a result of this second tranche. GreenForest owns 6.06 percent of TPREL, and upon conversion of the aforementioned CCPS, it will own 9.76-11.43 percent of TPREL, depending on the equity valuation at the time of final conversion. TPREL’s aggressive growth plans will be funded by the completion of this equity infusion with an aim to achieve a portfolio of 20 GW of renewable assets and a market leadership position within the next five years.
GreenForest owns 6.06 percent of TPREL, and upon conversion of the aforementioned CCPS, it will own 9.76-11.43 percent of TPREL, depending on the equity valuation at the time of final conversion. TPREL’s aggressive growth plans will be funded by the completion of this equity infusion. It aims to achieve a portfolio of 20 GW of renewable assets and a market leadership position within the next five years.
Praveer Sinha, CEO and MD, Tata Power announced that the completion of Rs 4,000 crore (USD 525 million) worth capital infusion into the company’s 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.
