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					</table><p>Tata Power Renewable Energy (TPREL), a fully owned subsidiary of <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, has approved the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million).</p>
<p>The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) million) each in TPREL by GreenForest.</p>
<p>GreenForest is a joint investment vehicle of BlackRock Real Assets and Mubadala Investment Company owned by the Abu Dhabi government.</p>
<p>Last August, TPREL had <a href="https://mercomindia.com/tata-power-sale-of-83-6-million-shares-blackrock-mubadala/" target="_blank" rel="noopener">approved</a> the allotment of 83.6 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹239.22 (~$3) per share, including a premium of ₹229.22 (~$2.8). This aggregated to a total of ₹20 billion (~$242.4 million).</p>
<p>BlackRock and Mubadala <a href="https://mercomindia.com/blackrock-mubadala-to-invest-%e2%82%b940-billion-in-tata-power/" target="_blank" rel="noopener">entered</a> a binding pact to invest in Tata Power Renewable Energy. While BlackRock and Mubadala were to invest ₹40 billion (~$484.7 million) in equity in two equal tranches for a 10.53% stake in TPREL, the final shareholding would range from 9.76% to 11.43% on final conversion.</p>
<p>GreenForest’s investment includes a diverse portfolio of assets including businesses in utility-scale solar, wind, and hydro power generation, solar cell and module manufacturing, rooftop solar infrastructure, solar pumps and electric vehicle charging infrastructure.</p>
<p>The Competition Commission of India <a href="https://mercomindia.com/blackrock-mubadalas-acquisition-tata-power-renewables/" target="_blank" rel="noopener">approved</a> the acquisition of an 11.43% stake in TPREL by GreenForest last July.</p>
<p>TPREL was <a href="https://mercomindia.com/tata-power-renewable-energy-wins-255-mw-wind-solar-hybrid-auction/" target="_blank" rel="noopener">declared</a> the winner in Tata Power Delhi Distribution’s auction for 255 MW wind-solar hybrid power projects. The company quoted a price of ₹3 (~$0.037)/kWh, according to Mercom sources.</p>
<p>Mercom’s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2022-market-shares-and-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2022</a> ranks Tata Power Renewables second for the highest number of solar installations in 1H 2022, accounting for 10% of the total market share.</p>
<p>Tata Power Renewables was one of the <a href="https://mercomindia.com/solararise-sjvn-green-energy-tata-power-msedcls-500-mw-solar/" target="_blank" rel="noopener">winners</a> in Maharashtra State Electricity Distribution Company’s auction to procure 500 MW of power on a long-term basis from Phase IX of grid-connected intrastate solar projects.</p>
<p>Last September, the company <a href="https://mercomindia.com/tata-power-develop-100-mw-captive-solar-steel-plant/" target="_blank" rel="noopener">announced</a> it would set up a 100 MW captive solar project for stainless steel manufacturer Viraj Profile at Tarapur in Maharashtra.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Tata Power Renewable Approves Sale of 200 Million Shares to GreenForest

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