ReNew Energy Global Plc Receives Takeover Proposal from Leading Consortium
- Muhammad Ahmad
- Dec 13, 2024
- 2 min read
The consortium, including Masdar, CPP Investments, ADIA, and Sumant Sinha, offers US$7.07 per share
ReNew Energy Global Plc receives a non-binding takeover proposal
ReNew Energy receives a non-binding takeover proposal from a consortium of investors.
The offer price is US$7.07 per share for the remaining stake in the company.
A Special Committee has been formed to evaluate the proposal and other strategic options.
ReNew Energy Global Plc has received a non-binding proposal from a consortium of investors, including Masdar, Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority (ADIA) subsidiary Platinum Hawk, and ReNew's Founder, Chairman, and CEO, Sumant Sinha. The proposal outlines an offer to acquire the outstanding shares of ReNew Energy not already owned by the consortium members for US$7.07 per share in cash.
This potential acquisition is significant due to its impact on India's renewable energy landscape. ReNew Energy is a major player in the Indian renewable energy market, and this acquisition could lead to significant shifts in the industry. The involvement of major international investors like Masdar, CPP Investments, and ADIA highlights the growing interest in India's renewable energy sector.
Technical Focus
ReNew Energy Global Plc is a Nasdaq-listed company (NASDAQ: RNW, NW), a leading decarbonization solutions provider. As of November 19, 2024, their contracted clean energy portfolio was approximately 16.3 GW (gross), making them a significant player in the global renewable energy market.
Their operations span various areas, including clean energy generation, value-added energy offerings through digitalization, energy storage, and participation in carbon markets. This proposed acquisition could significantly influence India's renewable energy sector dynamics and impact the company's future direction.
“The Special Committee will ensure that the proposal and any alternative options align with the best interests of all investors,” a ReNew spokesperson stated.
ReNew Energy's board has formed a Special Committee of independent directors to evaluate the non-binding proposal and explore other strategic options. While the outcome remains uncertain, the proposal underscores the increasing attractiveness of India's renewable energy sector to global investors.
The Special Committee's decision will significantly impact the future of ReNew Energy and potentially influence the broader renewable energy market in India. The company has retained Rothschild & Co. as a financial advisor and Linklaters LLP as legal counsel to assist in evaluating.