FCC

Goldman's to offload 14 per cent stake in ReNew Energy Global

2023-03-09

According to two people who are familiar with the situation, Goldman Sachs is planning to sell its remaining 14 per cent stake in ReNew Energy Global, the Nasdaq-listed parent company of ReNew Power, to the Canada Pension Plan Investment Board (CPPIB) for approximately $268 million.

The pension fund, one of the largest in the world, will acquire a stake in ReNew totaling more than 51 per cent following the transaction. Goldman will be able to get out of ReNew, one of the biggest renewable energy companies in India, thanks to the deal. Over the course of several years, the Wall Street firm, which was one of the initial investors in ReNew, which was founded by Sumant Sinha, has been reducing its stake in the business. Canada Pension Plan, which manages more than $536 billion in assets, has been gradually increasing its stake in the business.

A CPPIB spokesperson stated, "We don't have any further comment other than information contained in the SEC filings" in response to an email inquiry. Goldman and Reestablish spokespersons didn't answer inquiries.