BlackRock led group to invest Rs 4K cr in Tata Power Renewables

"The final shareholding will range from 9.76 per cent to 11.43 per cent on final conversion," it added.

As per the statement, the newly-created platform will consist of five distinct businesses, delivering long-term, customer oriented solutions.

"It will house all renewable energy businesses of Tata Power, including those in Utility Scale Solar, Wind & Hybrid Generation assets; Solar Cell & Module Manufacturing; Engineering, Procurement and Construction (EPC) contracting; Rooftop Solar infrastructure; Solar Pumps and Electric Vehicle Charging infrastructure," the statement said.

"The broad-based portfolio of assets ensures diversified yet stable revenue sources including 25-year fixed-price PPAs for grid connected utility scale projects," it added.

Besides, the statement said that the proposed investment is expected to fund Tata Power Renewables' aggressive growth plans.

"Over the next five years, Tata Power Renewables aims to achieve a portfolio of over 20 GW of renewables assets and a market leading position in the rooftop and electric vehicle charging space across India," it said.

At present, Tata Power Renewables is one of the largest renewable energy companies in India.

Its vertically integrated operations currently have approximately 4.9 GW of renewable energy assets.

Currently, India is one of the world's largest renewable energy markets and has recorded the fastest growing renewable energy supply with over 60 per cent new capacity added over the past four years.

Its installed renewables capacity is expected to grow from 150 GW currently to 500 GW by 2030, to satisfy India's local energy demand driven by GDP growth and contribute to the government's decarbonisation ambition, as well as, support the macro energy transition trends in Asia and around the world.