India’s Tata Power Renewable Energy Plans $470 Million IPO For Yieldco

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One of India’s leading renewable energy companies — Tata Power Renewable Energy — has announced plans for a public listing of its infrastructure investment trust or yieldco.

The news of possible public listing of the yieldco comes just days after multiple media outlets reported that talks to onboard Malaysian petroleum giant Petronas had fallen through. Petronas has reportedly reached an understanding to invest around $500 million to acquire 30–35% stake in the yieldco.

None of the media reports mentioned any possible reason Petronas’ pullout even after the talks had reached an advanced stage. Petronas has made similar investments in the Indian renewable energy sector and has been looking at fresh deals as well.

The Malaysian company holds a controlling stake in Amplus Energy, one of India’s leading rooftop solar power companies. It also acquired a 100-megawatt solar power project from Acme Solar Holdings last year.

Several renewable power companies in India are looking to raise funds either through equity sale or sale of assets. ReNew Power, one of India’s largest renewable power producers, will be listed on NASDAQ in June through a special purpose acquisition company (SPAC). Other companies, like Mytrah Energy and Acme Solar Holdings, are also mulling listing through the SPAC route. Indian renewable energy companies listed at exchanges include Adani Green Energy (listed on Indian exchanges) and Azure Power (listed on New York Stock Exchange).

Tata Power Renewable Energy currently has over 2.6 gigawatts of operational solar and wind energy assets across India. This includes 1.1 gigawatts of solar power projects it had acquired from Welspun Energy for $1.4 billion in 2016.

Featured image courtesy of Tata Power Renewable Energy.

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