A consortium led by BlackRock Real Assets, which includes Abu Dhabi’s Mubadala Investment Company, will invest 40 billion Indian rupees ($525 million) in a subsidiary of India’s Tata Power to create the country’s “most comprehensible” renewable energy platform.
The consortium will receive a 10.53 per cent stake in Tata Power Renewables, translating to a base equity valuation of $4.46bn, Mubadala said on Thursday.
The final shareholding will range from 9.76 per cent to 11.43 per cent, based on final conversion, it said.
Tata Power Renewables has a “broad and deep” portfolio of next-generation renewables businesses "well placed to scale up rapidly based on its strong and consistent performance over the years", said Praveer Sinha, chief executive and managing director of Tata Power.
“The collaboration will support us to pursue exciting opportunities that lie ahead."
Tata Power Renewables is one of the largest renewable energy companies in India.
Its vertically integrated operations have about 4.9 gigawatts of renewable energy assets. The proposed investment is expected to fund aggressive growth plans.
Over the next five years, the company aims to achieve a portfolio of more than 20GW of renewables assets and a market-leading position in the rooftop and electric vehicle charging space across India, the world’s second most populous country.
India is one of the world’s largest renewable energy markets and has recorded the fastest-growing supply with more than 60 per cent new capacity added over the past four years, official data shows.
Its installed renewables capacity is expected to grow to 500GW by 2030 from 150GW, to satisfy India’s local energy demand and contribute to the government’s decarbonisation ambition.
“Tata Power is one of India’s largest integrated power companies and is well positioned to support the country’s energy independence and transition,” said Khaled Al Qubaisi, chief executive of real estate and infrastructure investments at Mubadala.
“We are proud to show our ongoing commitment to India with this investment and look forward to working with Tata Power to capitalise on the growth opportunities ahead."
The first round of the investment is expected to be completed by June and the balance will be provided by the end of this year.
The deal is subject to regulatory approvals, Tata Power said.
India's green energy sector is set to receive a boost from the country's target of achieving carbon neutrality by 2070.
Indian Prime Minister Narendra Modi unveiled India's net-zero plans at Cop26 in Glasgow last year, with some critics saying the 2070 target fell short of expectations.
The US, Europe and the UK have pledged to be carbon neutral by 2050 and China has pledged to achieve the same by 2060.
The International Energy Agency estimates India's energy demands to grow more than any other country over the next 20 years.
By 2030, it is expected to overtake the EU as the world's third-biggest energy consumer.
“With one of the largest portfolios of solar and wind assets in the country … Tata Power Renewables is at the forefront of India’s ambition to secure greater energy stability for its citizens while positioning its economy for a low-carbon future,” said Anne Andrews, BlackRock’s global head of real assets.
“India’s success in transitioning its energy economy will be crucial to the world’s ability to meet its climate goals."
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
