Tata Power Co. said it will invest more than 750 billion rupees ($9.5 billion) in renewables over the next five years, as it aims to almost double the share of clean energy in its portfolio.
A group of investors led by BlackRock Real Assets and Mubadala Investment Co. infused 40 billion rupees ($525 million) into the renewable energy unit of Tata Power Co., the Mumbai-based company said.
Majors, such as BP, Total and Shell, as well as Asian national oil companies (NOCs), are stepping up their investments in India’s rapidly expanding gas and renewables markets.
Tata Power Co., one of India’s largest private power utilities, is planning to invest as much as $5 billion to ramp up its renewable capacity fourfold, according to its top executive.
