October 26 (Solar) – Canada Pension Plan Investment Board (CPPIB) is discussing the acquisition of shares in Indian renewable power producer ReNew Power Ltd from US investment bank Goldman Sachs (NYSE:GS), Mint reports.
One source has told the newspaper that Goldman planned to sell a stake of up to 20% in ReNew Power via an initial public offering (IPO), but is now doing a private sale to get a better valuation.
The Indian renewable power firm filed for a listing in May. The prospectus that was submitted at the time shows that Goldman Sachs owned 48.6% of ReNew Power, while CPPIB had a stake of 16.2%. Two people aware of the development have told Mint that the Canadian pension fund manager is now looking to increase its stake.
ReNew Power has a renewables portfolio of 5.85 GW, including 3.92 GW of plants in operation, according to the report.