ReNew Power, one of India’s largest renewable energy companies, is making a major strategic move that could reshape its future. The company is preparing for an initial public offering in India while planning to delist from the Nasdaq, where it first listed in 2021 through a merger with a special purpose acquisition company at an enterprise value of 8 billion dollars. According to sources, the firm has already brought in some of the biggest names in investment banking to guide the process, including JM Financial as the lead domestic adviser, along with global heavyweights like Goldman Sachs. Valuation discussions are underway, and the formal announcement of the IPO details is expected soon.
This shift comes on the heels of a significant buyback announcement. In July 2025, ReNew’s promoter consortium which includes founder and chairman Sumant Sinha, Abu Dhabi’s Masdar, Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority increased its offer to purchase Nasdaq-listed shares at 8 dollars each. This is nearly a dollar higher than the original buyback proposal made in late 2024. The move is seen as an effort to reward current shareholders and consolidate control before the company focuses on the Indian market.
To ensure transparency, ReNew’s board established a special committee made up entirely of independent non-executive directors, led by Manoj Singh, former global chief operating officer of Deloitte. The committee is being advised by Rothschild, one of the most prominent independent investment banks in the world. Their role is to evaluate the buyback proposal and ensure it aligns with shareholder interests.
ReNew’s journey has been closely tied to India’s broader renewable energy ambitions. With the country being the world’s third-largest emitter of greenhouse gases, there is a national push to rapidly expand green energy capacity. ReNew currently operates and has projects in the pipeline totalling 16.3 gigawatts, spread across more than 150 sites in 18 states. The company says its solar and wind projects contribute 1.9 percent of India’s total power capacity, and over the past decade it has helped prevent 0.5 percent of the nation’s carbon emissions. It has also generated an estimated 130,000 jobs in that period.
The firm has earned global recognition as the world’s first clean energy company to be named a “Lighthouse” by the World Economic Forum, a status given to organisations that lead the way in innovation and sustainability. It operates in a competitive market alongside major players such as Adani Green Energy, Tata Power Renewables, Suzlon Energy, and JSW Energy, but its combination of scale, execution, and global partnerships gives it a strong position in the sector.
Goldman Sachs, which played a role in ReNew’s early growth by investing in 2011, described the company as a global entity with deep Indian roots. Although the investment bank fully exited in 2023, it continues to advise on strategic moves like the upcoming IPO. The India listing is expected to provide ReNew with better access to domestic capital markets, potentially increase its visibility among local investors, and allow it to tap into growing retail interest in sustainable investments.
With the dual push of rewarding shareholders through a higher buyback and positioning itself for future growth in India’s expanding green energy landscape, ReNew is entering a new chapter. Investors and analysts will be watching closely to see how the market responds to its return to domestic shores and whether the move strengthens its long-term growth story.
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