CPPIB looks to go big on ReNew as Goldman cuts stake
MUMBAI: Canadian Pension Plan Investment Board (CPPIB) is closing in on ReNew Power to double down on its biggest clean energy bet in the country and become the single largest shareholder, said people with knowledge of the matter. The move follows several months of negotiations.
The transaction, once complete, will give principal shareholder Goldman Sachs a much-needed route to unlock value. Goldman is the original backer of Re-New, the country’s leading renewable power company.
An existing investor, CPPIB is looking to raise its stake to over 40% by buying an additional 24% stake from Goldman Sachs Group, which had backed firstgeneration entrepreneur Sumant Sinha to create a green energy platform in 2011 with a $200 million commitment. The Wall Street investment bank is currently the largest shareholder with a 48% stake.
