ReNew Energy Global plc announced that it has terminated the proposed take‑private transaction after Masdar, the lead investor in the consortium, withdrew on December 14, 2025. The company made the announcement on December 16, 2025, confirming that the consortium could no longer meet the agreed terms and timelines.
The consortium that had been negotiating the deal included Masdar, CPP Investments, ADIA through its Platinum Hawk vehicle, and ReNew’s own CEO Sumant Sinha. The original offer of $7.07 per share was issued in December 2024 and was increased to $8.15 per share by October 2025, with the goal of taking the company private and delisting it from Nasdaq.
Masdar’s withdrawal ended the negotiations, prompting ReNew to reassess the transaction. Sumant Sinha expressed disappointment but emphasized that the company remains confident in its growth prospects and that the portfolio is fully funded with more than $1 billion in cash.
Despite the setback, ReNew’s underlying business continues to perform strongly. The company reported a 22% increase in commissioned capacity and a 24% rise in Adjusted EBITDA year‑over‑year for the first half of fiscal year 2026, and it has reaffirmed its full‑year guidance. The stock fell sharply on December 15, but the operational metrics suggest resilience.
ReNew’s financial position is robust, with a liquidity buffer exceeding $1 billion, though it carries high leverage and a current ratio of 0.77. A $525 million hybrid bond matures in July 2026, but management indicates confidence in refinancing. The company’s renewable portfolio has expanded to 2.7 GW of commercial and industrial projects, and a 150 MW solar project with Google in Rajasthan is slated for commissioning in 2026.
Management comments highlight the impact of the withdrawal: CFO Kailash Vaswani noted that the process had spanned roughly a year, while Lead Independent Director Manoj Singh also expressed disappointment. Sinha reiterated that the company will continue to explore other strategic opportunities that align with its long‑term growth objectives.
ReNew is evaluating alternative paths, including a potential listing of its solar PV business in India or pursuing a take‑private deal with the remaining consortium members. The termination removes the immediate exit option but does not alter the company’s strong operational trajectory.
The event underscores the fragility of consortium‑led take‑private deals and the importance of maintaining a diversified investor base. While the market reaction was negative, the company’s financial health and growth momentum remain intact, suggesting that long‑term fundamentals are unlikely to be materially harmed by this development.
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