Tata Power Renewable Energy Ltd (TPREL) has secured an investment of Rs 2,000 crore from GreenForest New Energies Bidco and allotted 2,000 crore preference shares to the latter.

“TPREL has received a second and final round of investment of Rs 2,000 crore from Greenforest and successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at face value of Rs 100 each at a preferential value of Rs 2,000 crore Based on Greenforest,” it said in a statement.

After the second tranche, TPREL has now received an investment of Rs 4,000 crore.

GreenForest holds a 6.06% stake in TPREL. After the CCPS mentioned above conversion, it will have a 9.76-11.43% stake in TPREL, subject to the equity valuation at the time of the final conversion.

Completion of this equity infusion will fund TPREL’s aggressive growth plans. Over the next five years, it aims to achieve a renewable asset portfolio and market leadership of 20 GW.