A consortium backed by the United Arab Emirates, including Abu Dhabi Investment Authority (ADIA) subsidiary Platinum Hawk and UAE’s Masdar, has significantly increased its offer to delist ReNew Energy Global from the Nasdaq stock exchange. The revised non-binding offer, submitted last week, values the prominent Indian clean energy company at $3.2 billion, proposing $8 per share. This represents a 13 percent increase, or $0.93 per share, above their initial offer made on December 10, 2024, signaling strong investor confidence in India’s burgeoning renewable energy sector.

The consortium, which also includes Canada Pension Plan Investment Board and ReNew’s founder and chairman Sumant Sinha, aims to take the company private, a move that could provide greater strategic flexibility and long-term capital deployment away from the pressures of public market reporting. ReNew Energy Global holds a substantial clean energy portfolio of approximately 16.3 gigawatts as of November 2024, positioning it as one of India’s leading independent power producers with a significant presence in both solar and wind power generation.

The board of ReNew Energy has established a special committee to rigorously evaluate the final non-binding offer. This committee is working in conjunction with external financial advisor Rothschild & Co. and legal advisor Linklaters to conduct a thorough review. An update on their assessment is anticipated once the evaluation process is complete, underscoring the meticulous due diligence involved in such a high-stakes transaction.

This escalated bid highlights the growing appetite among global institutional investors, particularly from the Middle East, for controlling stakes in established renewable energy assets within high-growth markets. The UAE's strategic investments in India's energy sector are part of a broader initiative to diversify their portfolios and support global energy transition efforts. Such delisting transactions, while less common for publicly traded renewable energy giants, can enable companies to pursue long-term growth strategies and large-scale project development without the short-term market scrutiny often associated with public listings. The successful completion of this acquisition would mark a significant milestone in cross-border renewable energy M&A, further solidifying India's position as a prime destination for clean energy investment.