Tata Power to raise $600-700 million for RE business

Tata Power is in advanced talks with investorsto raise $600-700 million for its renewable energy (RE) business at an equity valuation of around $6-7 billion.

The investors include Canadian Pension Plan Investment Board (CPPIB), Singaporean sovereign fund Temasek Holdings and private equity firm General Atlantic. The deal is at an advanced stage and is likely to be concluded in the coming weeks. Last year, Tata Power haddecided to club its entire RE portfolio under an umbrella entity. This includes operating power assets in the pipeline, charging stations, rooftop solar, microgrids, panel manufacturing, engineering, procurement and construction.