ReNew to delist from NASDAQ

A consortium of ReNew Energy Global promoters including Masdar, CPP Investments, Abu Dhabi Investment Authority (ADIA) and Sumant Sinha has offered to buy out the company’s publicly listed shares.

December 12, 2024 Uma Gupta

Image: ReNew Power

A consortium of ReNew Energy Global promoters has made a non-binding proposal to buy out the company’s publicly listed shares.

Masdar, Canada Pension Plan Investment Board (CPP Investments), Platinum Hawk (an arm of the Abu Dhabi Investment Authority, ADIA) and Sumant Sinha (the founder, chairman and CEO of ReNew) have offered to acquire the entire issued and to be issued share capital of the Indian renewable energy developer not already owned by members of the Consortium, for cash consideration of $7.07 per share.

The offer price is at 11.5% premium over ReNew’s stock closing price of $6.34 on Dec. 10.

The ReNew Board of Directors have formed a Special Committee led by Manoj Singh, the lead independent director, consisting of the six independent non-executive ReNew directors to consider the non-binding proposal.

“The role of the Special Committee is to constructively explore and evaluate all strategic capitalization/financing opportunities available to the Company, including the proposal received from the Consortium, and act in the interests of all investors,” stated the company.

NASDAQ-listed ReNew has a clean energy contracted portfolio of 16.3 GW on a gross basis as of Nov. 19, 2024. This includes 10.4 GW operating assets (wind: 4.8 GW, solar: 5.5 GW, hydro: 99 MW) and 5.9 GW committed (solar: 3.6 GW, wind: 2.3 GW).

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