ReNew Energy Global (RNW) Company Report

ReNew Energy Global Plc has signed a definitive agreement to sell Gadag Transmission Limited (GTL) to IndiGrid Infrastructure Trust, as announced on December 02, 2025.
The transaction has a total enterprise value of approximately US$41 million, with an additional ~US$6 million earn-out related to Change-In-Law (CIL).
After the transfer of outstanding debt to the buyer, the sale is expected to result in a total cash inflow of approximately US$15 million for ReNew, including the CIL claim.
GTL, an Inter-State Transmission System project in Karnataka operational since September 2024, generates an annual revenue of approximately US$4 million.

5 days ago

6-K

ReNew Energy Global Plc provides update on possible cash offer

RNW

M&A

Takeover Bid

ReNew Energy Global Plc provided an update on a possible cash offer from a consortium including Masdar, CPP Investments, ADIA, and Sumant Sinha, to acquire the entire issued and to be issued share capital not already owned by the consortium for US$8.15 per share.
The Special Committee and the Consortium have made significant progress on the transaction agreement, which is currently in near-final form.
The Consortium and the Company intend to enter into the transaction agreement no later than the week of December 15, 2025, at which point a further announcement will be made, though the Company cautions that a binding offer is not guaranteed.

6 days ago

6-K

ReNew Energy Global Announces Q2 FY26 Results and FY26 Guidance

RNW

Earnings

Guidance Update

New Projects/Investments

ReNew Energy Global reported Total Income of INR 38,557 million (US$ 434 million) for Q2 FY26 and INR 79,715 million (US$ 898 million) for H1 FY26.
Net profit for H1 FY26 increased by 84% year-over-year to INR 9,806 million (US$ 110 million).
The company's commissioned capacity grew 12.8% year-over-year to approximately 11.4 GWs (+150 MWh BESS) as of September 30, 2025.
ReNew reiterates its FY26 guidance, expecting Adjusted EBITDA between INR 87 – INR 93 billion and Cash Flow to equity between INR 14 – INR 17 billion.

Nov 10, 2025, 2:02 PM

Press Release

ReNew Reports Q2 2026 Results, Updates Guidance, and Provides Privatization Offer Status

RNW

Earnings

Guidance Update

New Projects/Investments

Takeover Bid

ReNew reported INR 53.5 billion in adjusted EBITDA for the first half of fiscal year 2026, marking a 24% year-on-year growth, and reaffirmed its FY2026 adjusted EBITDA guidance of INR 87-93 billion, anticipating results at the higher end of this range.
The manufacturing business contributed INR 8.6 billion to adjusted EBITDA in H1 FY2026, leading to an upward revision of its FY2026 adjusted EBITDA guidance to INR 10-12 billion. Construction of a new 4 GW TOPCon cell facility is progressing, with full commissioning expected by the end of fiscal 2027.
The company commissioned over 1.2 gigawatts of renewable energy capacity year-to-date in FY2026 and reiterated its target to complete construction of 1.6-2.4 gigawatts for the full fiscal year.
A special committee has received a non-binding privatization offer from a consortium, with a binding offer expected in November.

Nov 10, 2025, 1:30 PM

Transcript

ReNew Reports Strong H1 FY 2026 Results and Updates Guidance

RNW

Earnings

Guidance Update

Takeover Bid

ReNew reported an adjusted EBITDA of INR 53.5 billion for the first half of fiscal year 2026, marking a 24% growth year-on-year, with revenue increasing by over 50% compared to the previous year. The manufacturing business contributed INR 8.6 billion to adjusted EBITDA in H1 FY 2026.
The company reiterated its FY 2026 adjusted EBITDA guidance of INR 87 billion-93 billion, expecting to be at the higher end of this range, and revised its manufacturing adjusted EBITDA guidance upwards to INR 10 billion-12 billion.
ReNew commissioned over 2.1 GW of renewable energy capacity since October last year, representing a 22% growth in its portfolio after adjusting for asset sales, and signed PPAs for 3.8 GW over the past four quarters.
Construction of the new 4 GW TOPCon cell facility is on track, with pre-commissioning expected by Q2 2027 and full commissioning by the end of fiscal year 2027. Additionally, the special committee expects a binding offer for privatization from the consortium in November.

Nov 10, 2025, 1:30 PM

Transcript

ReNew Energy Global Secures ADB Financing for Andhra Pradesh Renewable Project

RNW

New Projects/Investments

Debt Issuance

ReNew Energy Global has secured $331 million in financing from the Asian Development Bank (ADB) for a large-scale renewable energy project in Andhra Pradesh, India.
This financing is part of a $477 million funding package for the project, which integrates 837 MWp of wind and solar capacity with a 415 MWh battery energy storage system.
The project is designed to deliver 300 MW of peak power and is expected to generate approximately 1,641 GWh of renewable energy annually, aiming to enhance grid stability and accelerate India's transition to a low-carbon economy.

Nov 8, 2025, 5:17 AM

Morningstar

ReNew secures US$331 million from ADB for large-scale renewable energy project

RNW

New Projects/Investments

Debt Issuance

ReNew Energy Global has secured US$331 million from the Asian Development Bank (ADB) as part of a US$477 million financial package for a large-scale clean energy project in Andhra Pradesh.
The project will integrate 837 MWp of wind and solar capacity with a 415 MWh battery energy storage system (BESS), designed to deliver 300 MW of peak power and generate approximately 1,641 GWh of clean energy annually.
This financing marks the first peak power renewable energy project to be financed by ADB, reinforcing ReNew's role in India's energy transition.
Earlier this year, ReNew also announced a US$2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh.

Nov 7, 2025, 4:28 PM

Press Release

ReNew Energy Global Plc reaches agreement in principle for possible cash offer

RNW

M&A

Takeover Bid

ReNew Energy Global Plc has reached an agreement in principle on the key financial terms for a possible cash offer from a consortium including Masdar, CPP Investments, ADIA, and Sumant Sinha to acquire the remaining shares not already owned by the consortium.
The proposed cash consideration is US$8.15 per share. This represents a 28.5% premium over the undisturbed share price of US$6.34 on December 10, 2024, and a 41.5% premium to the 30-day volume-weighted average price of US$5.76 per share as of the same date.
The Special Committee of ReNew has indicated it would unanimously recommend this value to shareholders if a final binding offer is made. JERA Nex, a significant shareholder, is also "minded to vote in favour" under certain conditions.
Proceeding with the possible offer is conditional on reaching agreement on other terms, regulatory clearances, and the completion of confirmatory due diligence.

Oct 28, 2025, 12:30 PM

6-K

ReNew Energy Global Plc receives revised acquisition offer

RNW

M&A

Takeover Bid

ReNew Energy Global Plc (RNW) announced the receipt of a best and final non-binding offer dated October 10, 2025, from a consortium including Masdar, CPP Investments, ADIA, and Sumant Sinha, to acquire the entire issued share capital not already owned by them.
The offer proposes a cash consideration of US$8.15 per share.
This represents an increase of US$1.08 per share (15.3%) from the initial non-binding proposal dated December 10, 2024, and a 28.5% premium over the undisturbed share price of US$6.34 on December 10, 2024.
A Special Committee of independent non-executive directors is currently evaluating the Revised Proposal, with active discussions ongoing.

Oct 14, 2025, 11:00 AM

6-K

ReNew Energy Global Plc Sells 300 MW Solar Project

RNW

M&A

ReNew Energy Global Plc announced on October 8, 2025, an agreement to sell its 300 MW solar project in Rajasthan to Sembcorp Green Infra Private Limited.
The transaction has an enterprise value of approximately $191 million and is projected to generate approximately $98 million in cash inflow for ReNew, subject to closing adjustments.
The project, ReNew Sun Bright Private Limited, was commissioned in November 2021 and has a 25-year Power Purchase Agreement with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL).