India’s ReNew Energy Global agreed to an improved buyout offer from a consortium led by Masdar, Platinum Hawk (Adia), the Canada Pension Plan Investment Board (CPP Investments), and ReNew founder and CEO Sumant Sinha, Zawya reported.

Background: The consortium — which collectively owns around 64% of ReNew — first made its move late last year as part of a plan to take the company private and inject fresh capital into India’s fast-growing renewable energy sector. ReNew operates a 10.3 GW portfolio of solar, wind, hydro, and hybrid projects across India, making it the country’s second-largest clean energy generator after Adani Green, the outlet added.

The sweetened offer: The consortium raised its proposed allcash offer to USD 8.15 per share, up 15.3% from the USD 7.07 per share offer made in December 2024, according to a filing with the US Securities and Exchange Commission (SEC). The revised price represents a 28.5% premium to ReNew’s undisturbed share price of USD 6.34 on 10 December 2024 — the last trading day before the initial offer became public — and a 41.5% premium to the company’s 30-day volume-weighted average price of USD 5.76, the filing said. At the time of the first offer, Reuters had valued the transaction at around USD 2.82 bn.

Board backing and shareholder support: A special committee of ReNew’s board, advised by Rothschild & Co and Linklaters, said it would unanimously recommend that shareholders vote in favor of the transaction should a final binding offer be made on these terms, according to the SEC filing. Japan’s JERA Nex, which owns about 11.6% of ReNew’s issued share capital and 25.7% of shares not already held by the consortium, has indicated that it is minded to support the offer, pending satisfaction with final terms and documentation, the SEC filing said.

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