A group of investors, including Abu Dhabi Future Energy Company Masdar, Platinum Hawk, the Canada Pension Plan Investment Board, and ReNew’s founder Sumant Sinha, has made a definitive offer to acquire all shares of India’s ReNew Energy Global and take the company private.
The consortium’s latest bid is $8.00 per share for the Nasdaq-listed clean energy company. This is a significant increase from their initial offer of $7.07 per share on December 10th, representing a 13.2% jump. If this deal goes through, ReNew would be valued at an estimated $3.19 billion.
This updated offer represents a 26.2% premium over ReNew’s share price on December 10, 2024, before the initial offer was made public, and a 38.9% premium over the 30-day average price leading up to that date.
ReNew Energy Global is a major player in India’s clean energy sector, operating 10.3 gigawatts of solar, wind, hydro, and hybrid projects. It is the second-largest clean energy generator in the country, trailing only Adani Green. The news of the improved offer pushed ReNew’s stock to a 52-week high of $7.67 on July 3rd, indicating strong investor confidence.
CPP Investments and ADIA are currently the largest investors in ReNew, while Goldman Sachs, an early investor, sold its stake before the company went public in 2021.
ReNew’s board of directors has established a special committee to review the proposal, with Rothschild & Co serving as their independent financial advisor and Linklaters LLP as independent legal counsel.
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