India's Tata Power Company said on Thursday that BlackRock Real Assets and Abu Dhabi's Mubadala Investment Company would invest 40 billion rupees ($525.76 million) in the company's renewable energy unit for a 10.53% stake.
The investment is expected to fund Tata Power Renewable Energy's aggressive growth plans in the rooftop and electric vehicle charging space in India.
Tata Power Renewables is targeting a portfolio of over 20 gigawatts (GW) of renewables assets over the next five years, from 4.9 GW currently, Tata Power said in a regulatory filing.
The investment, through equity or compulsorily convertible instruments, translates to a base equity valuation of 340 billion rupees for Tata Power Renewable Energy.
The first round of investment is expected to be completed by June and the rest by the end of 2022.