ReNew operates one of the world’s largest decarbonisation portfolios, with around 18.5 GW of clean energy capacity as of mid‑June 2025. The strategic move to privatise the company aims to offer shareholders immediate liquidity at a significant premium—26.2 per cent above the US $6.34 closing share price on 10 December 2024 and 38.9 per cent over the 30‑day volume‑weighted average price of US $5.76 as of that date.
ReNew’s board has established a Special Committee led by independent director Manoj Singh and backed by financial and legal advisers—Rothschild & Co and Linklaters LLP—to assess the merits of the proposal. While discussions are ongoing, the Special Committee has stressed that no certainty exists regarding the final agreement on terms, timing or structure of any potential transaction.
A filing with the US Securities and Exchange Commission on 2 July reiterated that the decision to raise the offer followed a thorough due diligence completed by the consortium, enabling refined valuation and bolstered commitment to progressing the deal. Under the latest proposal, remaining shareholders—which represent roughly 27.5 per cent of ReNew’s issued share capital—would collectively receive approximately US $880 million in cash.
Since its Nasdaq debut in 2021, ReNew’s share performance has underwhelmed. A steep market value drop of over 30 per cent led the company to pursue delisting, a strategy that analysts believe could pave the way for a relisting on Indian exchanges to unlock further capital and growth potential.
Investor sentiment appears mixed. On one hand, the premium and cash offer provide immediate value certainty. On the other, the non-binding nature means the deal may undergo significant revision or fall through. Remaining shareholders will be closely monitoring further disclosures from the Special Committee.
Prime Minister Narendra Modi’s government continues to pursue an aggressive renewable energy expansion plan, targeting 500 GW of non‑fossil fuel capacity by 2030. ReNew, a key player in this national strategy, has experienced recent profit growth—its net profit rose fivefold year-on-year in Q4 FY2025, though higher debt and subdued margins persist.
Masdar’s involvement signals enhanced confidence from Gulf sovereign wealth, reflecting the region’s appetite for backing global renewable champions. Its alliance with ADIA and CPP Investments brings broader institutional credibility and resources to ReNew’s operations.
Privatising the company could yield several strategic benefits. It may afford ReNew greater operational flexibility, relieve short‑term market pressures, and allow for portfolio optimisation away from quarterly scrutiny. Privatisation could also serve as a precursor to a future dual listing or re-listing in India, drawing on local investor support amid strong policy backing.
Shareholders and analysts now await updates from the Special Committee, which is expected to engage with major investors to secure backing for the proposal. The company has committed to updating the market “as soon as reasonably practicable” once the evaluation is complete.
With global institutional investors and ReNew’s own leadership consolidated behind the US $8.00‑per‑share proposal, the outcome will hinge on whether the deal can satisfy minority shareholders and clear regulatory scrutiny. That verdict will shape the future of one of India’s foremost renewable energy companies.