Renewables Now Ltd has acquired ReNew for $510.0 million, a transaction that transfers ownership of the Nasdaq-listed Indian clean energy company to the UK-based renewable energy investor. The deal, which closed following regulatory approvals, makes ReNew a wholly owned subsidiary of Renewables Now Ltd, with its shares no longer trading on the exchange.
ReNew, founded in 2011, operates as a decarbonisation solutions provider with approximately 28 GW of commissioned and pipeline utility-scale projects across wind, solar, green hydrogen, carbon markets, and energy storage. The company, which was the first Indian clean energy firm to list on Nasdaq, currently contributes to 1.9% of India’s power capacity through projects spread across 150 sites and 18 states. During FY25, it generated over 22 billion kWh of clean energy, avoiding more than 18.6 million tonnes of carbon emissions. Renewables Now Ltd, a specialist in acquiring and operating renewable energy assets, brings a portfolio management approach focused on long-term yield and operational efficiency.
The acquisition gives Renewables Now Ltd direct control over one of India’s largest independent clean energy platforms, a market where ReNew holds a leading position in the B2B segment. For Renewables Now Ltd, the purchase expands its geographic footprint into South Asia, a region with rapidly growing power demand and supportive policy frameworks for renewable deployment. ReNew’s existing operational base, including its manufacturing capabilities and digital technology integration, provides a foundation for Renewables Now Ltd to apply its asset management expertise without the need for new project development.
For ReNew, the change in ownership ends its public listing status, a shift that may reduce quarterly reporting pressures and allow for longer-term capital planning. The company’s existing contracts, including its round-the-clock power project recognised by the COP28 UAE Presidency, remain in place. The combined entity will focus on maintaining ReNew’s operational performance while Renewables Now Ltd evaluates opportunities to optimise the portfolio, potentially through asset sales or refinancing. The transaction is expected to close with no immediate changes to ReNew’s management team or project pipeline.