Canada Pension Considers Buying ReNew Energy And Taking It Private

The Canada Pension Plan Investment Board (CPPIB) is considering buying ReNew Energy Global (RNW) outright and taking the company private.

According to multiple media reports, CPPIB is considering making a tender offer to the renewable energy company that is based in India.

The Canada Pension Plan already holds a majority stake in ReNew Energy, which has a market capitalization of $2.2 billion U.S.

CPPIB bought $268 million U.S. worth of ReNew Energy shares from American investment bank Goldman Sachs (GS) earlier in March, giving Canada Pension a 51.6% stake.

India has set a target to triple its non-fossil fuel power capacity to 500 gigawatts by 2030.

ReNew Energy’s stock rose 22%, its biggest one-day gain ever, on reports that CPPIB plans to take the company private.

However, ReNew Energy’s stock is still down 33% over the last 12 months and trading at $5.36 U.S. per share. Earlier in March, the stock fell to an all-time low of $4.04 U.S. per share.

Through five years, ReNew Energy’s stock is down 42%.