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Tata Power [TPWR:IN], the largest power generation firm in India, is in advanced talks with investors to raise between USD600m and USD700m for its renewable energy business at an equity valuation of around USD6bn to USD7bn, as reported by Economic Times on February 8. Potential investors include Canadian Pension Plan Investment Board, Singapore’s Temasek Holdings [TMSK:SP], and private equity firm General Atlantic. The financing is expected to be completed in the following weeks, in a move to reduce debt and strengthen Tata Power’s balance sheet before a planned public listing of its renewable power unit.
Tata Power is one of the largest renewable power operators in India with a total renewables capacity of 2.6 gigawatts (GW). It has set targets to boost its renewable capacity to 15 GW by FY25 and 25 GW by FY30. According to equity broking firm Morgan Stanley, Tata Power would complete asset monetization of its green portfolio in the next six to 12 months to fulfill its visions of renewables development. On January 31, the company also signed an agreement with the State Bank of India [SBIN:US] for the financing of solar projects. Under the agreement, loan applicants across India can benefit from competitive rates for solar project financing and Tata’s assistance in equipment procurement. Over the past four years, the installed capacity of renewables in India surged by over 220%. Solar power, as a crucial driving force of that, witnessed increases of more than 11 folds in the past five years.
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