Tata Power Renewable Energy Ltd (TPREL) has received a Rs 2,000 crore investment from GreenForest New Energies Bidco, with the latter receiving 20 crore preference shares. “TPREL has received the second and final round of investment of Rs 2,000 crore from GreenForest and has successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at face value of Rs 100 each at par amounting to Rs 2,000 crore on a preferential basis to GreenForest,” the company said in a statement.
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. It aims to achieve a portfolio of 20 GW of renewable assets and a market leadership position within the next five years.
“The completion of Rs 4,000 crore (USD 525 million) 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,” said Tata Power CEO and MD Praveer Sinha in a statement.