ReNew Energy Global Revives US Delisting Plan with CPPIB and ADIA Support
ReNew Energy Global has revived its US delisting plan with CPPIB and ADIA prepared to acquire the company after Masdar's exit from the original consortium in December 2024. CEO Sumant Sinha acknowledged challenges with the US listing amid reduced capital flows into sustainability funds and investor unfamiliarity with Indian operations. The company is considering multiple options including an India listing or staying private, with shares currently trading at $5.80 compared to the previously discussed $8.15 take-private price.
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NASDAQ-listed ReNew Energy Global has revived its plan to delist from the US market, with the remaining investors from the earlier take-private consortium now prepared to move forward with the transaction. Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi Investment Authority (ADIA) are ready to acquire the issued share capital of the company and take ReNew private in the US, reviving a plan that had collapsed in December 2024 after Masdar exited the consortium.
CEO Acknowledges US Listing Challenges
Speaking at the World Economic Forum in Davos, ReNew Chairman and CEO Sumant Sinha acknowledged that the company is reassessing its US listing amid changing global investor behaviour. Sinha highlighted that capital flows into sustainability-focused funds have slowed sharply since ReNew listed on the NASDAQ, while many overseas investors struggle to fully understand the Indian operating context.
"Our sense is that it's probably not best to be listed there," Sinha said, adding that delisting should not be seen as a negative outcome. However, he emphasized that no final decision has been taken, noting that delisting is a complex, process-driven exercise and not a unilateral call by management.
Strategic Options Under Consideration
A special committee of the board has been constituted to evaluate the delisting proposal. The longer-term objective remains a potential listing in India, where the company believes valuation discovery would be more reflective of its domestic operations. An India listing is one of the options under consideration, alongside staying private.
Previous Delisting Attempt Details
The original take-private bid was first publicly revealed in December 2024, when a consortium offered to take the company private at approximately $7.07 per share. The proposal was subsequently revised higher to $8.15 per share, representing a 28.50% premium to pre-offer prices, with due diligence substantially complete.
| Transaction Details: | Original Offer | Revised Offer |
|---|---|---|
| Price per Share: | $7.07 | $8.15 |
| Premium to Market: | Not specified | 28.50% |
| Status: | Initial offer | Due diligence complete |
The original consortium included CPPIB, ADIA, Masdar, and ReNew founder-CEO Sumant Sinha. However, the plan collapsed abruptly in mid-December when Masdar withdrew from the consortium, effectively halting the transaction as Masdar was expected to be the lead provider of capital in the deal.
Current Market Position
Despite uncertainty around the listing structure, Sinha stressed that ReNew's underlying business remains sound, even as the company navigates volatility in global markets and works on refinancing its liabilities. ReNew Global Energy's shares currently trade at approximately $5.80 per piece, well below the $8.15 price that was last discussed for the take-private transaction.
Analysts have cited a combination of shifting investor sentiment on renewables, global cost of capital pressures, and evolving strategic priorities as potential factors behind the market dynamics, though no official rationale was provided for Masdar's withdrawal from the original consortium.
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