The consortium’s proposal to ReNew aims to provide shareholders with immediate liquidity not available in the public markets.  Credit: bombermoon/Shutterstock.

Some of the largest investors in ReNew Energy Global have reportedly proposed taking the company private, according to filings with the US Securities and Exchange Commission (SEC).

The deal values the clean power generator at $2.82bn, according to a report by Reuters.

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The privatisation plan involves major stakeholders, including the Canada Pension Plan Investment Board and United Arab Emirates (UAE)-based Masdar.

The consortium, which holds 64% voting rights in ReNew, has offered to buy the company’s shares at $7.07 each.

This offer represents an 11.5% premium on ReNew’s closing price of $6.34 on the Nasdaq on 10 December. ReNew’s shares closed 17.7% higher at $7.46 on the Nasdaq, surpassing the offer price by 5.5%.

Before the offer, ReNew’s stock had declined almost 18% in 2024.

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ReNew is set to become India’s second-largest renewable energy firm, following Adani Green. The company operates 10.3GW of solar, wind, hydro and hybrid projects across India.

The consortium’s proposal, as mentioned in a letter to ReNew’s lead independent director, aims to provide shareholders with “immediate liquidity not available in the public markets.”

According to the report, CreditSights, part of Fitch Group, noted that delisting from Nasdaq could reduce disclosures and limit US public equity market access.

CreditSights highlighted that the move could lower compliance costs for ReNew’s expansion plans, adding that it will “introduce a new reputed UAE state-owned shareholder Masdar that could open up more funding channels in the UAE/Middle East.”

Masdar stated that the proposal “would provide capital investment to support the country’s energy transition.”

If approved, the offer would result in the exit of Japan’s top utility JERA, which held 11.7% of Class A shares in ReNew as of July 2024.

Goldman Sachs, an early investor in ReNew, sold its entire stake after the company went public in 2021.