BlackRock, Mubadala invest in Tata Renewables

Tata Power Company has entered into a binding agreement with a consortium led by BlackRock Real Assets, which includes Mubadala Investment Company, to invest in Tata Power Renewable Energy, the company's renewable energy business.

BlackRock Real Assets and Mubadala would invest INR4,000 crore (US$524.4 million) in Tata Power Renewables in the form of equity/compulsorily convertible instruments.

Five diverse businesses will make up the newly formed platform, all of which will provide long-term, customer-focused solutions. It will house Tata Power's entire renewable energy business. 

Tata Power Renewable Energy (Tata Power Renewables) is one of India's leading renewable energy firms. It presently has 4.9 GW of renewable energy assets in its vertically integrated operations.