A new chapter in India’s clean energy story is unfolding with a fresh non-binding offer from a consortium led by Masdar, aiming to take ReNew Energy Global private.
This move from Masdar, a subsidiary of Abu Dhabi Future Energy Company and backed by heavyweights like the Canada Pension Plan Investment Board and ReNew’s own founder, offers a tempting $8 per share for the Nasdaq-listed firm. This represents a 13.2% increase over their initial bid and pushes the total deal valuation to approximately $3.19 billion, bringing more zest to the renewable sector’s narrative.
ReNew, a major player in India’s renewable energy market, oversees 10.3 gigawatts (GW) of solar, wind, hydro, and hybrid projects. As the second-largest clean energy producer in India, right after Adani Green, ReNew captured institutional attention and market optimism. The company’s shares hit a yearly high recently, signalling positive investor sentiment amidst this acquisition buzz.
This offer arrives as a significant 26.2% premium on ReNew’s prior share price of $6.34. It also boasts an impressive 38.9% increase over the 30-day volume-weighted average price of $5.76 as of December 10, 2024.
