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BlackRock Real Assets, UAE’s Mubadala Invest in India’s Tata Power Company

One of Tata's renewable energy projects. (Asharq Al-Awsat)
One of Tata's renewable energy projects. (Asharq Al-Awsat)
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BlackRock Real Assets, UAE’s Mubadala Invest in India’s Tata Power Company

One of Tata's renewable energy projects. (Asharq Al-Awsat)
One of Tata's renewable energy projects. (Asharq Al-Awsat)

India's Tata Power Company said on Thursday that a consortium led by the US-based BlackRock Real Assets and Abu Dhabi's Mubadala Investment Company would invest 40 billion rupees ($525.76 million) in the company’s renewable energy unit for a 10.53% stake.

The investment is expected to fund Tata Power Renewable Energy’s aggressive growth plans in the rooftop and electric vehicle charging space in India.

The final shareholding will range from 9.76% to 11.43% on final conversion.

The newly-created platform will consist of five distinct businesses delivering long-term, customer oriented solutions, including Utility Scale Solar, Wind and Hybrid Generation assets, Solar Cell and Module Manufacturing, Engineering, Procurement and Construction (EPC) contracting, Rooftop Solar Infrastructure, and Solar Pumps and Electric Vehicle Charging infrastructure.

Tata Power Renewables is targeting a portfolio of over 20 gigawatts (GW) of renewables assets over the next five years, from 4.9 GW currently, Tata Power said in a regulatory filing.

India is one of the world’s largest renewable energy markets and has recorded the fastest growing renewable energy supply with over 60% new capacity added over the past four years.

Its installed renewables capacity is expected to grow from 150 GW currently to 500GW by 2030 to satisfy India’s local energy demand driven by GDP growth and contribute to the government’s decarbonization ambition, as well as support the macro energy transition trends in Asia and around the world.

Dr. Praveer Sinha, CEO and Managing Director of Tata Power Company Limited, said: “The collaboration will support us to pursue exciting opportunities that lie ahead in the coming decades.”

“With one of the largest portfolios of solar and wind assets in the country and a very experienced management team, 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 BlackRock’s global head of real assets Anne Valentine Andrews.

Real Estate and Infrastructure Investments CEO Khaled Abdulla al-Qubaisi said: “As a responsible investor, Mubadala has a strong focus on renewable energy in multiple markets, so we are delighted to be co-investing with BlackRock Real Assets to help progress Tata Power Renewables’ ambitions in India.”

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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)

China’s ambassador to Saudi Arabia, Chang Hua, expressed Beijing’s hopes to strengthen its partnership with the kingdom, especially in electric vehicle production and other industries.
Speaking to Asharq Al-Awsat, Hua condemned violations of Lebanon’s sovereignty and the targeting of civilians.
He called for immediate action to reduce tensions and prevent further escalation in the region.
“China is deeply shocked by the high civilian casualties from the conflict between Israel and Lebanon,” Hua said, urging the international community to work on calming the situation.
He emphasized that, no matter how things unfold, “China will always stand for justice and remain committed to peace and stability in the Middle East. We are ready to work with all parties to promote peace in the region.”
China’s Economic Growth
Hua highlighted China’s rise from a $30 billion economy to a $17.8 trillion one, making it the world’s second-largest economy and a leader in trade and industry.
He reiterated China’s goal to maintain high-level openness, push for high-quality economic development, and promote a multipolar world with fair global governance and inclusive economic globalization.
Saudi-China Relations
Hua described the partnership between Saudi Arabia and China as entering a new phase of deep development, congratulating Saudi Arabia on its 94th National Day.
He noted that Chinese Premier Li Qiang’s recent visit to Saudi Arabia has boosted bilateral relations and strengthened the comprehensive strategic partnership, driving it towards a more stable and prosperous future.
The ambassador stressed the need to expand trade and investment between the two countries and highlighted the upcoming “Saudi-Chinese Cultural Year 2025” as a key event.
Hua also pointed out that Saudi Crown Prince Mohammed bin Salman values the strong and historic relationship between the two nations.
The Crown Prince looks forward to further aligning Saudi Vision 2030 with China’s Belt and Road Initiative, expanding cooperation in energy, investment, and culture.
Hua noted that China is Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in the past two years. He also mentioned the recent currency swap agreement between the two countries, which has helped boost trade and investment.
New Developments in Saudi-China Relations
According to Hua, the cooperation between the two nations has grown significantly, particularly in the automotive, renewable energy, and tourism sectors.
In 2023, Saudi imports of Chinese cars reached $4.12 billion, driven by companies like Changan, Geely, MG, Chery, Great Wall, Hongqi, GAC, and BYD, which have opened branches in the kingdom.
Discussions are ongoing about building local manufacturing plants. China exported 4.91 million vehicles in 2023, making it the largest car exporter globally for the first time, including 1.203 million electric vehicles, a 77.6% increase from the previous year.
Hua noted that Saudi Vision 2030 aims for electric vehicles to account for at least 30% of all cars in Riyadh by 2030, and he expressed optimism about enhancing collaboration in automotive manufacturing.
Chinese companies are also increasingly involved in Saudi Arabia’s renewable energy sector. They are working on multiple solar projects, including the Al Shuaibah photovoltaic plant, the largest of its kind in the world, with a capacity of 2.6 gigawatts.
In July 2023, the Renewable Energy Localization Company (RELC), backed by the Saudi Public Investment Fund, signed agreements with three Chinese firms—Envision Technology Group, Jinko Solar, and TCL Zhonghuan—to establish joint ventures for high-efficiency solar cell production in Saudi Arabia.
These projects will focus on producing solar components, helping Saudi Arabia achieve its goal of sourcing 75% of renewable energy project components locally by 2030.
Hua also highlighted the increasing exchange of visits between citizens of both countries. In September 2023, China and Saudi Arabia signed a memorandum of understanding to facilitate group tourism, making the kingdom an official destination for Chinese tour groups.
Several Chinese travel agencies have begun offering packages to Saudi Arabia, and direct flights between the two countries are increasing. Saudi Airlines has expanded its routes, operating numerous weekly flights between Beijing, Shanghai, Shenzhen, Riyadh, and Jeddah.