Tata Power is in advanced talks with investors to raise USD 600-700 million for renewable energy business.
The investors include Canadian Pension Plan Investment Board (CPPIB) as well as Singaporean sovereign fund Temasek Holdings and private equity firm General Atlantic to raise as much as USD 600-700 million (Rs 4478 crore - 5225 crore) for the renewable energy business at an equity valuation of around USD six-seven billion.
Tata Power has renewable energy businesses with an operating capacity of 2.6 GW comprising wind and solar in a 32:68 ratio spread across 11 states
Tata Power has set targets to set up renewable capacity of 15 and 25 GW by FY25 and FY30, respectively.
It aims to set up one lakh EV charging stations, with an eye on more than doubling the revenue the solar EPC revenue business to Rs 10,000 crore by the end of FY25, from Rs 4,100 crore at the end of FY21 and increase the solar pump --used by farmers for irrigation-- revenue to Rs 5,000 crore in the next four fiscal years.
The proposed monetization is likely to bring in its ambit all green businesses which includes renewable, solar EPC, solar pumps, rooftop solar and EV charging.
