CPPIB in talks with Goldman Sachs for its ReNew Power's stakes
Canada Pension Plan Investment Board (CPPIB) has expressed its interest to acquire the stakes owned by Goldman Sachs in the Indian renewable energy company, ReNew Power Ltd.
Goldman Sachs plans to divest up to 20% stakes through the planned IPO of ReNew Power. Several investors, especially Canadian funds, have shown interest in Goldman’s stake sale and CPPIB is one of the funds holding talks. Other interested parties are Macquarie Group and Canada’s OMERS (Ontario Municipal Employees Retirement System).
Goldman Sachs owns 48.6% stake in ReNew Power, while CPPIB holds 16.2%, according to the draft IPO prospectus filed by the company in May. ReNew Power also counts investors such as Asian Development Bank, sovereign wealth fund Abu Dhabi Investment Authority, Global Environment Fund and Japan’s JERA Co. Inc. as its shareholders. These investors, over several tranches, have invested a total of ₹6,696.5 crore in the company since 2011. In February 2017, JERA bought a 10% stake in ReNew Power, valuing the company at $2 billion.
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