2 weeks Ago By Bloomberg News
(Bloomberg) — The main shareholders of a leading Indian green power company, ReNew Energy Global Plc, are looking to acquire the publicly held shares of the company, paving the way for an exit from its US listing. Four major investors that control almost two-thirds of the company have launched a non-binding offer for the remaining shares in the NASDAQ-listed firm at an 11.5% premium to its last closing share price, they said in an exchange filing.
Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, and ReNew Energy CEO Sumant Sinha are offering $7.07 a share. ReNew Energy, which was listed on the NASDAQ in 2021, has 10.
4 gigawatts of operational wind and solar capacity, making it one of the top renewables firms in India. The company is targeting all segments of the clean energy supply chain, including transmission and decarbonization strategies for corporates, and is in the process of expanding its photovoltaic manufacturing capacity. Earlier this year, Sinha said the company would refocus its investments on India, which wants to double its renewable capacity by the end of the decade.
“We don’t need to go anywhere,” he said in a Bloomberg Television interview. “At this time, our focus is entirely on India.” A potential privatization of the company could hinder transparency, according to Bloomberg Intelligence analyst Sharon Chen.
“Any tangible support from its sponsors and the resulting ownership may be key to watch,” she said in a note..
