Masdar, CPP Make Final $8.15 Bid for ReNew

• Masdar-CPPIB pitch $8.15/share, best-and-final, to take over India’s ReNew Energy Global. Non-binding bid targets wind and solar giant as energy transition investment heats up.

A consortium led by UAE-based Masdar and Canada Pension Plan Investment Board has submitted a best-and-final, non-binding proposal to acquire Indian renewable energy company ReNew Energy Global Plc at $8.15 per share. The offer seeks to take control of one of India’s largest clean-power developers amid rising investment in energy transition assets.

The bidders labeled the $8.15 price as their final term, indicating no further increase. The proposal remains non-binding and would be subject to customary conditions, including negotiation of definitive agreements and required approvals. There is no certainty a transaction will be completed. ReNew develops wind, solar and other renewable projects in India.

How does the $8.15 offer compare to ReNew’s fundamentals and recent trading?

• The $8.15 bid represents a low‑to‑mid teens premium to ReNew’s recent closing price and a mid‑teens premium to the 30‑day average, pushing the stock toward the top of its 52‑week range but still below its 2021 de‑SPAC reference price of $10.
  
• At $8.15, ReNew’s implied equity value is roughly $3 billion; including net debt, the enterprise value lands around the low‑teens billions, implying a high‑single‑digit to low‑double‑digit EV/EBITDA multiple on FY24 adjusted EBITDA (over $1 billion).
  
• That valuation sits below India’s highest‑multiple listed renewables peers but broadly in line with global independent power producers, suggesting the offer prices in execution quality and scale but not a scarcity premium.
  
• For recent buyers, the bid crystallizes 2024–25 gains; for long‑term holders from listing, it remains below cost, which may color shareholder reception.
  
• Given the “best‑and‑final” but non‑binding status, shares typically trade at a discount to the offer to reflect deal risk; expect price action to gravitate near, but not fully to, $8.15 until certainty improves.