Tata Power, ICICI Venture to launch Power Platform

Tata Power’s wholly owned subsidiary Tata Power International Pte Limited and ICICI Venture has recently declared the creation of a platform company (“Platform”) to facilitate investment in power projects in India in the coming two-three years, which are in advanced stages & near operational readiness or operating. The Platform is co-sponsored by Tata Power and ICICI Bank and has commitments from partner investors, Caisse de dépôt et placement du Québec (CDPQ) of Canada, Kuwait Investment Authority (KIA) and State General Reserve Fund (SGRF) of the Sultanate of Oman, which are some of the largest investors globally. The Platform will raise an initial capital of up to USD 850M to be contributed by the sponsors and partner investors either directly or through their affiliates. This can be upsized going forward, depending on market opportunities. The Platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India.
“The Platform combines the complementary skills of the sponsors and blue-chip sophisticated investors. Insightful understanding of the lndian infrastructure ecosystem supported by discerning long term global capital would provide a framework for investments with an optimum risk-return profile and also act as a catalyst for revitalization and growth of the Indian Power sector”, said Mr. Mohit Batra, Executive Director, ICICI Venture.

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