India : Tata Power Fast Tracks Debt Reduction Drive; Renewable Energy biz InvIT seen in Q2

Tata Power has put its debt reduction plans in the fast lane and is set to launch an Infrastructure Investment Trust (InvIT) offering for its renewable energy portfolio by next quarter. An InvIT is similar to a mutual fund, which allows individual and institutional investors to invest in infrastructure projects and earn a small portion of the income as return. Sources close to the discussions say that the company is expecting offers from prospective investors by this month and expects to finalise investors by next month. "We are confident about closing the deal next months, so around August - September we should be on track to launch the InvIT," said a source on condition of anonymity.

Tata Power has a renewable energy portfolio with a capacity of 3 gigawatt (GW). As per the current plan, the company may seek to transfer the complete operational portfolio along with Rs 11000-12,000 crore of debt into the InvIT.

Source : https://www.cnbctv18.com/energy/tata-power-fast-tracks-debt-reduction-drive-renewables-biz-invit-seen-in-q2-6068781.htm

Smart Grid Bulletin May 2020


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