Canada Pension Plan Investment Board invests $144 million in ReNew Power

The Canada Pension Plan Investment Board (CPPIB) has acquired 6.3 per cent stake in ReNew Power from the Asian Development Bank (ADB) for $144 million. ADB had first purchased this stake in ReNew Power by investing $50 million equity in the company in 2014. Reportedly, CPPIB is also planning to invest about $200 million in ReNew Power Ventures in the form of compulsory convertible preference shares that will convert to equity shares at the time of an initial public offering (IPO). With this, ReNew Power’s investor base now consists of Goldman Sachs, ADB, JERA, Inc., the Abu Dhabi Investment Authority, the Global Environment Fund, and CPPIB, among others.