ReNew Energy Global Plc shares climbed 20% to $5.28 on Friday following a Bloomberg report that the Canada Pension Plan Investment Board (CPPIB) is exploring taking the Nasdaq-listed, Gurugram, India-based power producer private.
CPPIB bought $268 million worth of ReNew shares from Goldman Sachs (NYSE:GS) Group earlier this month, giving the pension plan a 51.6% equity interest, according to the Business Standard newspaper.
ReNew’s other notable investors include the Abu Dhabi Investment Authority.
Bloomberg reported that CPPIB’s talks with advisors regarding a possible takeover are ongoing and no final decision has been reached.
ReNew's clean energy portfolio of about 13.4 gigawatts on a gross basis as of December 31, 2022, is one of the largest globally.
In addition to being a major independent power producer in India, the company provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, green hydrogen, and value-added energy offerings through digitalization, storage, and carbon markets that are increasingly integral to addressing climate change.
Contact Sean at sean@proactiveinvestors.com