ReNew to explore alternative options after Masdar exit ends buyout talks

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ReNew Power will evaluate alternative strategic options after the remaining consortium members opted not to proceed with the take-private deal in the wake of Masdar’s withdrawal, chief executive officer Sumant Sinha, said in an investor call held late on December 16.

The consortium, which included Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and ReNew founder Sumant Sinha, were in discussions to take the Nasdaq listed company private for at least an year. However, on December 15, announced its exit from the privatisation consortium.

“We will continue to evaluate all potential alternatives… and in the next earnings call, we hope to provide you all with a clearer guidance about the future course of action," Sinha said.

Meanwhile, the company's  lead independent director and head of the special committee, Manoj Singh, flagged that there is no discussion at the moment on any "other contemplated offer or discussions with any other party.”

Masdar announced its exit from the privatisation consortium before U.S. markets opened on December 15, triggering a 29 percent slide in ReNew Power’s shares by mid-day trading. ReNew and the Consortium were supposed to  to enter into the transaction agreement no later than the week of December 15, according to the SEC filing from December 1.

The management, disappointed with the sudden withdrawal,  said that Masdar's withdrawal came in without any rationale or any specific reason.

ReNew's chief financial officer Kailash Vaswani said, "The board is evaluating alternative value-creation options, backed by a strong liquidity position and capital recycling plans, and will provide clearer guidance in the coming weeks."

The developments comes after the offer price was raised from $7.07 in cash per share, to $8.15 in cash per share on 14 October 2025.

"At the time of the non-binding offer, which I believe was in mid-October, basically the only thing that was remaining was essentially finalization of documentation. This was directly represented to me and to us by them. And also, the internal approvals for the other consortium members, which, as Kailash alluded, had progressed pretty well and was at its final stages," Singh added.

Gurugram-based ReNew is on track to expand its renewable energy portfolio to 25 gigawatts (GW) by 2027.  It boasts capacity of 18.5 GW (+1.1 GWh BESS) on a gross basis as of November 10, 2025, is one of the largest globally.

"Renew's portfolio remains fully funded through a combination of internal cash flows and capital recycling and our liquidity position remains robust as of today with more than $1 billion of cash available to us. I also wanted to emphasize that CPP-IB, RDR and I continue to remain absolutely committed to Renew," Sinha said in the call.

"We remain committed to supporting ReNew’s long-term growth and success. We look forward to continuing to work with the Board and management team to help the company deliver on its ambitions," a CPPIB spokesperson told Moneycontrol in an emailed statement.