Tata Power is in advanced talks with investors to raise as much as $700 million for its renewable-energy business, according to The India Economic Times.
The pool of investors includes Canadian Pension Plan Investment Board (CPPIB), Temasek Holdings and General Atlantic. The deal is expected to reach completion in coming weeks.
Tata Power’s renewable-energy business includes 932 megawatts of wind-power capacity spread across seven Indian states; more than 7 gigawatts of ground-mounted utility-scale solar; and more than 750 megawatts of rooftop and distributed-generation projects across the country. The renewable business also includes electric vehicle-charging infrastructure.
At the end of September 2021, Tata Power Renewable had a total generation capacity of 2,953 megawatts.
