Tata Power Renewable Energy Ltd (TPREL) has received an investment of US$ 241 million (Rs. 2,000 crores) from GreenForest New Energies Bidco with allotment of 20 crore preference shares to the latter.
After this second tranche, TPREL has now received an investment of US$ 482 million (Rs. 4,000 crores).
GreenForest currently owns 6.06% of TPREL's equity, and upon conversion of the aforementioned Compulsorily Convertible Preference Shares (CCPS), subject to the final conversion's equity valuation, it will control 9.76-11.43% of TPREL.
TPREL's ambitious development strategies will be funded once this equity infusion is complete. It seeks to achieve a portfolio of 20 GW renewable assets over the following five years, as well as a market-leading position.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.