Private Equity

PE Fund Investments

CPPIB invests $400-M to buy more stake in ReNew Power from Goldman Sachs: report

Economic Times  

Canadian Pension Plan Investment Board (CPPIB) has made a fresh USD 400 million investment in NYSE-listed Renew Power to buy more shares from Goldman Sachs at USD 6.50 each. This takes CPPIB's stake to 31.5% in the company's voting rights associated with outstanding shares. CPPIB will also have the right of first offer on Goldman's existing shares in ReNew's listed US parent, ReNew Energy Global Plc. Goldman's ownership of all classes of shares in ReNew has come down to around 12%, with a low single-digit voting share. In 2011, Goldman Sachs had invested INR 1,000 crore in Sumant Sinha promoted clean energy platform ReNew Power and became its single largest shareholder. CPPIB first invested in ReNew in 2018, after the company aborted its India IPO plans, deploying around USD 392 million at a 2.2 Billion valuation. The per-share price for the transaction for the Indian-domiciled company was INR 410. In February this year, Goldman sold 18 million Class A shares and 3.4 million Class C shares of the company at USD 6.50 each to CPPIB for USD 139 million. The investment took the CPPIB's voting rights to 26.2% from 20.1% and its economic interest to 14%. CPPIB also agreed to buy an additional 9 million Class C shares from Goldman at the same price for another USD 58.5 million.