The Missed Deal Of The year- ReNew Global's NASDAQ Delisting

The widely anticipated move to delist the second largest green energy developer from the NASDAQ collapsed unexpectedly, leaving the firm with a period of consolidation ahead

29 Dec 2025 14:47 IST

In perhaps the most anticipated corporate move of the year, the delisting plans of Sumant Sinha led ReNew Global collapsed mid-december, leaving the firm contemplating next moves after a seemingly set roadmap to an India listing in 2026.

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The BuyBack Offer

ReNew Energy Global Plc, the listed firm at the NASDAQ saw its buyback and delisting plan scuppered following the sudden withdrawal of Abu Dhabi-based Masdar from a consortium that included CPP Investments, ADIA, and founder Sumant Sinha.

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The group had sweetened its offer to $8.15 per share in October, valuing the Indian renewable energy giant at around $2.8 billion, but Masdar's exit—attributed to a strategic shift amid pricing disputes—ended negotiations without clear reasons provided. Currently, the firm finds itself valued at just over $ 2 billion with the stock at $5.50, the kind of numbers that have left it disillussioned with its American listing. It was the first Indian renewable player to be listed at the NASDAQ, taking the SPAC route back in 2021. Canada Pension Plan Investment Board (CPPIB)remains one of its key investors.

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Shares plummeted 28% on Nasdaq the day after MASDAR's decision became public.

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With close to 18 GW in operational and committed capacity, and over $1 billion in cash reserves, the firm probably has no short term urgency for a fund raise, even as it reported 22% growth in commissioned capacity last quarter. A benign interest rate regime will also help.

Business As Usual

In a signal of its inherent strength and credibility with major buyers, the firm reported a long-term deal with Google for a 150 MW solar project in Rajasthan a day after the buyout deal collapse, set for a 2026 commissioning. That will take its commercial and industrial (C&I)portfolio to 2.7 GW.

As of Sept. 30, 2025, ReNew’s total portfolio stood at about 18.5 gigawatts (GW), including 1.1 gigawatt hours (GWh) of battery energy storage, up from 15.6 GW a year earlier. Commissioned capacity increased 12.8% year-on-year to about 11.4 GW, including 150 megawatt hours (MWh) of battery storage. The firm has made one of the fastest ramp ups in solar manufacturing in India, turning into a top 10 maker of modules and cells within 3 years of announcing plans, delivering a profitable kick to earnings as well.

The firm has made a special effort to focus on the C&I segment to improve margins and benefit from the faster movement of projects here. Besides that, its focus on broader decarbonisatrion solutions and energy storage projects, like other large developers, is a hat tip to the way markets are evolving in India. The firm had been one of the earliest winners of storage based projects, but has made limited progress as yet, despite an early partnership with storage specialist fluence. Looking ahead, its Q3 results and guidance post that will be awaited eagerly to get a sense of what the firmn's plans are, and changes if any.

There is little doubt about its interest in an India listing for the business, considering the much better valuations it is likely to manage here, although even the India market has been stagnant for the past two quarters. WHetrher that played a role in MASDAR's call to withdraw from the buyback consortium is anyones guess.

Sumant Sinha MASDAR NASDAQ ADIA CPPIB ReNew global Delisting

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