ReNew Energy Global (NASDAQ:RNW) may be about to be acquired by a major shareholder, and investors put an extra 22.1% into it in Friday’s trading. The latest reports say that ReNew Energy Global is being targeted by the Canada Pension Plan Investment Board, which is planning to take ReNew private. Earlier this month, the Canada Pension Plan bought up $268 million worth of shares, enough to give it a 51.6% stake in the company.
As for why it was planning such a move, reports suggest that ReNew has an unusually “…differentiated focus” that gives it “…a unique advantage over the long run with higher than plain vanilla return opportunities.” ReNew deals not only with power generation in India but also works with clean energy operations, green hydrogen, and even storage and carbon markets. A recent deal with Microsoft (NASDAQ:MSFT) should also help ReNew shine.
The reports came at an excellent time for ReNew as well. Looking at the last five days of trading, ReNew was actually on a downward cant. However, when the news about the Canada Pension Plan hit, shares rocketed upward and gave ReNew plenty of extra life.
