ReNew Energy Plans Buyout of US-Listed Shares; Top Shareholders Submit Non-Binding Offer

The primary shareholders of ReNew Energy Global Plc, a prominent Indian green energy company, are planning to acquire the publicly traded shares of the company, signaling a potential de-listing from the US stock market.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Four key investors, who collectively own nearly two-thirds of the NASDAQ-listed firm, have made a non-binding proposal to purchase the remaining shares at an 11.5% premium over the last closing price. According to a filing, the offer price is $7.07 per share and is being extended by Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, and ReNew’s CEO Sumant Sinha.

Listed on NASDAQ since 2021, ReNew Energy operates 10.4 gigawatts of wind and solar capacity and is one of India’s largest renewable energy players. The company’s operations encompass the entire clean energy ecosystem, including transmission solutions and corporate decarbonization strategies. It is also scaling up its photovoltaic manufacturing capabilities.

Earlier this year, Sinha emphasized ReNew’s strategic focus on India, aligning with the country’s goal to double renewable energy capacity by 2030. Speaking to Bloomberg Television, he remarked, “We don’t need to go anywhere... our focus is entirely on India.”

However, a move toward privatization could impact transparency, noted Bloomberg Intelligence analyst Sharon Chen, who highlighted the importance of observing sponsor support and ownership dynamics in such a scenario.

Rajasthan Solar Project Milestone

ReNew recently inaugurated 750 MW of a planned 1 GW solar power project in Rajasthan, developed in collaboration with the Solar Energy Corporation of India (SECI) through three Power Purchase Agreements (PPAs). The project, which leverages domestically manufactured solar panels from its facilities in Jaipur and Dholera, supports the "Make in India" initiative and aims to boost Rajasthan’s energy self-sufficiency. The remaining 225 MW is expected to become operational by January 2025.

ReNew’s CEO, Sumant Sinha, described the project as a benchmark for sustainable energy solutions, emphasizing its role in local economic growth, job creation, and enhancing energy resilience. The company has invested ₹21,000 crore (~USD 2.5 billion) in Rajasthan so far and has plans to increase this to ₹62,000 crore by 2030 under a memorandum of understanding with the state government.

Focus on Localization and Growth

Localization has been a key aspect of the Rajasthan project, with 90% of the solar panels produced within the state and the remainder sourced entirely from India. ReNew’s advanced manufacturing facilities produce approximately 17,000 solar panels daily, supporting utility-scale projects and urban rooftop systems. The operations have created over 1,500 direct jobs and an equal number of indirect employment opportunities, significantly contributing to the local economy.

Leadership in Renewable Energy

Rajasthan holds a pivotal position in ReNew’s portfolio, contributing over 10 GW to its capacity, including operational, under-construction, and pipeline projects. Nationally, the company has an operational capacity of 10.4 GW, with an additional 6 GW under development. With a total pipeline of over 23 GW, spanning energy storage and auctioned projects, ReNew remains at the forefront of India’s renewable energy ambitions.