CPPIB to buy Goldman's 14% stake in ReNew Energy Global for $268-M

Goldman Sachs is set to sell its remaining 14% stake in ReNew Energy Global - the Nasdaq-listed parent of India-focused ReNew Power - to Canada Pension Plan Investment Board (CPPIB) for about USD 268 million. After the deal, CPPIB will become a majority shareholder in ReNew with more than 51% stake. The deal will mark Goldman's exit from ReNew. The other key shareholders in ReNew are Abu Dhabi Investment Authority (ADIA) with 14.5% and Japan's JERA with 7.1%. Public shareholders hold close to 22%. While Goldman, one of the early investors in Sumant Sinha-founded ReNew, has been trimming its stake in the company over the years, CPPIB, has been gradually raising its holding in the company. ReNew has a capacity of over 13.4 GW, producing renewable energy through solar and wind-driven projects. The company is now looking to branch out to green hydrogen. It has formed a joint venture with Larsen & Toubro and Indian Oil Corp to produce green hydrogen.