Malaysia’s state-run oil and gas company, Petroliam Nasional Bhd or Petronas is looking to acquire around 10% stake in Tata Power Renewable Energy Ltd (TPREL), said four people aware of the development.
This marquee minority stake sale in TPREL is in addition to Petronas’ interest in investing in Tata Power’ renewable energy infrastructure investment trust (InvIT). InvITs manage income-generating infrastructure assets, typically offering regular yield to investors and a liquid way to invest in infrastructure projects.
TPREL is a wholly-owned subsidiary of The Tata Power Company Ltd and its primary investment vehicle in clean energy space. Citibank has been given the mandate to find an investor for the Tata Power renewable energy InvIT, which will house 3 gigawatt (GW) of renewable energy projects.