Hg Agrees to Buy 3E Majority; ReNew Expects $84 Million in Cash

• Hg agreed to buy a majority stake in Brussels-based 3E, whose SynaptiQ software monitors more than 50 GW of solar, wind and battery assets.
• India's ReNew is selling its whole holding and expects about INR 8 billion ($84 million) in cash, 1.7 times what it invested.
• Galvanize Climate Solutions joins as a minority co-investor; the deal is expected to close over the coming months.

Software investor Hg agreed to buy a majority stake in 3E, the Brussels maker of the SynaptiQ monitoring platform for solar, wind and battery assets. 3E announced the deal on Oct. 26 and did not disclose terms.

Hg is buying from India's ReNew and minority shareholders. ReNew told the US Securities and Exchange Commission in an Oct. 23 filing that it had signed binding agreements to sell its entire controlling stake. It expects about INR 8 billion ($84 million) in cash from sale proceeds and repaid shareholder loans. Some of 3E's founders and managers keep a stake, and Galvanize Climate Solutions joins as a minority co-investor.

3E, which sells asset performance management software, serves hundreds of utility-scale and distributed-generation customers. SynaptiQ tracks more than 50 GW for owners including EDP, Renvolt and BayWa r.e. Founded in 1999 as a spin-off of the IMEC research centre, 3E launched SynaptiQ in 2010. Its advisers run yield assessments and due diligence for lenders and investors in renewable energy deals.

The deal in numbers

• 50+ GW of solar, wind and battery storage assets in SynaptiQ, over 2.5 times the 20 GW 3E's website shows for 2023 (list.solar calculation).
• £6.1 million ($8.1 million) from HgCapital Trust, its share of Hg's investment, per a London Stock Exchange notice.
• 1.7 times ReNew's INR 4.675 billion ($56 million) outlay returns as cash; in dollars the multiple is 1.5 (list.solar calculation).
• 40% of 3E bought by ReNew on Dec. 14, 2022; its stake reached 78% by July 2025, its annual reports show.
• €62 million ($73 million) was ReNew's fair value for its 78% stake on July 1, 2025, when it gained control of 3E's board.
• 3,683 GW of solar and wind capacity worldwide at end-2025, IRENA data show; SynaptiQ's 50 GW, batteries included, equals about 1.4% (list.solar calculation).

ReNew called the sale part of its capital recycling strategy. An earlier plan to sell the stake, flagged in its accounts in March 2025, did not go through.

Hg will fund AI product work and expansion in the US, and back selective acquisitions. "We will focus on AI-based revenue analytics for assets in operation," 3E Chief Executive Officer Stef Goossens said in the statement. 3E said ReNew will stay on as a customer.

The companies expect the deal to close in the coming months, once customary conditions are met.