Masdar has pulled out of the consortium proposing to acquire ReNew Energy, leading to the termination of the deal discussions
The consortium had raised its offer to a final price of $8.15 per share after completing due diligence, but no reason was given for Masdar’s exit
Despite the deal’s collapse, ReNew says its core business remains strong; it recently raised its FY26 adjusted EBITDA guidance
Abu Dhabi Future Energy Company Masdar has exited the consortium that proposed a takeover offer for ReNew Energy Global Plc. With this, the proposed acquisition bid for the India-headquartered and Nasdaq-listed ReNew has been cancelled.
In a Securities and Exchange Commission (SEC) filing, ReNew announced that Masdar informed its consortium partners, Canada Pension Plan Investment Board (CPP Investments) and Platinum Hawk C 2019 RSC Limited, of its decision to withdraw from the consortium that also includes ReNew Energy Founder, Chairman, and CEO Sumant Sinha.
Masdar’s decision to pull out of the consortium resulted in all discussions on the proposed transaction being terminated, reads ReNew’s filing. Masdar has not revealed the reason for its withdrawal from the consortium.
The consortium had initiated the takeover proposal for ReNew a year ago in December 2024, offering an 11.5% premium to the closing share price of $6.34/share on December 10, 2024, with $7.07/share (see Masdar-Led Consortium Proposes ReNew Energy Acquisition).
Over this long period of engagement, due diligence was completed, and the proposed offer price was increased from $7.07/share in cash to a best and final offer of $8.15/share on October 14, 2025.
ReNew had reportedly been planning to delist from the Nasdaq. Had the transaction been completed, ReNew hoped it would have provided shareholders with immediate liquidity that’s not available in the public markets.
While the special committee formed to evaluate the offer expressed its disappointment, ReNew is moving forward saying that its underlying business continues to perform strongly, having revised its FY26 adjusted EBITDA guidance from INR 5 billion to INR 7 billion initially to INR 10 billion to INR 12 billion (see ReNew Improves H1 FY26 Revenues; Bags ADB Financing For Hybrid Project).
“ReNew remains well positioned to continue to capitalise on the value creating opportunities it sees emerging within the Indian market and will continue to evaluate options for realising value from various parts of its businesses,” stated the company.