ReNew Raises EBITDA Floor as Buyout Awaits Approval
Renewable developers should note that external module and cell sales now feed ReNew's guidance while the take-private remains pending.
Updated on Nov. 3, 2026 in Corporate Finance
ReNew Energy Global Plc, a Nasdaq-listed renewable energy company, raised the floor of its fiscal 2027 adjusted EBITDA guidance to INR 105 billion from INR 103 billion, with a new range of INR 105 billion to INR 109 billion. The company is also subject to a proposed acquisition scheme by CPP Investments and founder Sumant Sinha that remains pending approvals and conditions.
Why it matters
The higher floor reflects guidance that now includes INR 12 billion to INR 14 billion from external solar module and cell sales and INR 1 billion to INR 2 billion from asset-sale gains. For operators watching renewable energy, the update shows how project-level sales and asset disposals are being folded into near-term earnings expectations while a take-private process proceeds.
ReNew reported six-month adjusted EBITDA of INR 63.98 billion, up from INR 53.459 billion a year earlier, and three-month adjusted EBITDA of INR 33.588 billion, up from INR 26.240 billion. The company forecasts fiscal 2027 cash flow to equity of INR 18 billion to INR 22 billion and expects to complete 1.6 to 2.4 gigawatts of construction by March 31, 2027.
The players
ReNew Energy Global Plc
A Nasdaq-listed independent renewable energy company operating large-scale solar and wind generation, primarily in India.
CPP Investments
The Canadian pension investment manager that is part of the proposed acquisition consortium for ReNew.
Sumant Sinha
ReNew's founder, who is part of the consortium proposing to acquire the company.
The details
The updated guidance adds INR 12 billion to INR 14 billion from external solar module and cell sales, a revenue stream outside core project generation, and INR 1 billion to INR 2 billion from asset-sale gains. The company says its forecast excludes some items it cannot reliably predict, so it did not provide an IFRS profit-or-loss reconciliation. Pending approvals in India, Belgium, France and Canada must clear before the proposed scheme, under which non-rollover shareholders would receive $7.02 per share in cash, can proceed.
Timeline
August 11, 2026: Transaction agreement with CPP Investments and Sumant Sinha signed.
September 30, 2026: Six- and three-month periods ended, with results reported.
October 28, 2026: A side letter kept the agreement in force without a revised closing date.
November 3, 2026: Guidance floor raised.
March 31, 2027: Fiscal 2027 year end and construction completion target.
Market Landscape
The proposed take-private by CPP Investments and founder Sumant Sinha must clear antitrust review in India and foreign-investment clearances in Belgium, France and Canada before closing. The structure, with a cash offer alongside a rollover option, follows the pattern of founder-backed going-private deals in which a sponsor and insiders consolidate control of a listed company.
Operators in renewable energy supply chains should note that module and cell sales to external buyers are contributing meaningfully to earnings guidance. Finance teams tracking listed peers should watch whether asset-sale gains and take-private timelines alter valuation comparisons while the deal remains pending.
The takeaway
Watch for the regulatory clearances in India, Belgium, France and Canada, since the acquisition's timing depends on them. Track whether the company's external module and cell sales continue to contribute to guidance in its next reporting period.
What happens next
Completion of the required Indian antitrust and foreign-investment clearances in Belgium, France and Canada, after which the acquisition scheme is expected to take effect in the first quarter of 2027.
Further reading
For broader context on how deals like this are structured and financed, see Corporate Finance.
