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Abu Dhabi Future Energy Company (Masdar) has pulled out of a consortium that was looking to take India’s ReNew Energy Global private, resulting in the deal to collapse.
The Nasdaq-listed ReNew shared an update in its US Securities and Commission Exchange (SEC) filing, stating that the consortium, led by Masdar, along with Platinum Hawk, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Canada Pension Plan Investment Board (CPP Investments) and Sumant Sinha, the Founder, Chairman and CEO of ReNew, will not proceed with the buyout offer.
“The special committee is disappointed that Masdar has withdrawn from the Consortium, which has resulted in all discussions on the proposed transaction being terminated,” ReNew said in the filing, referring to the committee formed by the company’s board of directors to consider the proposals.
The filing further stated the decision follows a long period of engagement between the special committee, its advisers and the consortium, during which the proposed offer price was increased from $7.07 in cash per share, as announced on 11 December 2024, to a final offer of $8.15 in cash per share on 14 October 2025.
Following the news of Masdar’s pullout, ReNew shares fell nearly 28% in Monday’s trading to a 52-week low of $5.26.
Rothschild & Co was appointed as independent financial advisor on the offer, with Linklaters as independent legal counsel.
As India’s second largest clean energy generator after Adani Green, ReNew operates 10.3 gigawatts (GW) of solar, wind, hydro and hybrid projects across the country.
According to LSEG data, CPP Investments and ADIA are the top two investors in ReNew, with a 31.3% and a 23.8% stake each, respectively.
(Reporting by Bindu Rai, editing by Seban Scaria)
