Canadian investment manager CPP Investments sent a nonbinding proposal to ReNew Energy Global PLC, partnering with ReNew Energy Global Founder and CEO Sumant Sinha to seek to acquire the shares in the Indian renewable energy company that are not already owned by CPP or Sinha for $6.75 each.
The bid represents a 9% premium on the company’s closing share price of $6.17 on May 27, the day before CPP Investments—formally the Canada Pension Plan Investment Board—and Sinha sent their offer letter, and it implies a total equity value of $1.66 billion. As a consortium, CPP Investments and Sinha already hold more than 50% of ReNew Energy Global shares.
However, the offer is far less than the bid of $8.15 in cash per share that was proposed in October 2025 by a consortium that included CPP Investments and Masdar, an Abu Dhabi state-owned renewable energy company. That bid fell through after Masdar pulled out of the consortium in December without explanation.
ReNew Energy Global reported in a recent SEC filing that a special committee of its board of directors will review the latest proposal. The committee includes five independent nonexecutive directors and is chaired by Lead Independent Director Manoj Singh.
“The special committee’s mandate is to rigorously explore and evaluate all strategic capitalization and financing opportunities available to the company, including the proposal received from the Consortium, and to act in the best interests of all investors,” the company reported in the filing.
The offer stipulates that each shareholder of ReNew Energy Global (other than CPP and Sinha) will be allowed to either receive cash consideration for each share owned or to retain its shares.
In its proposal letter to the company, the consortium of CPP Investments and Sinha stated the offer is “in the best interest of the company and its shareholders.” They argued that the proposal would provide shareholders who opt to receive the cash consideration with liquidity that is unavailable in public markets.
Tags: CPP Investments, Mergers and Acquisitions, Renewable Energy