ReNew Energy (RNW): Consortium Offers $8.15/Share; ADIA Holds 23.8%

Amendment No. 4 reports that Abu Dhabi Investment Authority and related entities jointly disclose beneficial ownership of 58,170,916 Class A ordinary shares, representing 23.8% of the outstanding Class A shares based on a total of 244,405,376 shares.

Rhea-AI Filing Summary

Amendment No. 4 reports that Abu Dhabi Investment Authority and related entities jointly disclose beneficial ownership of 58,170,916 Class A ordinary shares, representing 23.8% of the outstanding Class A shares based on a total of 244,405,376 shares. The filing adds a best and final non-binding proposal from the consortium to acquire the issuer at $8.15 per share on a fully diluted basis. The Revised Proposal is explicitly non-binding and does not create any agreement until definitive documents are executed. The amendment also lists prior agreements and exhibits that document the consortium structure and prior proposals.

Positive

• Consortium disclosed a clear purchase price of $8.15 per share as its best and final offer
• Large disclosed stake of 58,170,916 shares representing 23.8%, providing meaningful influence

Negative

• Proposal is explicitly non-binding, so no transaction is assured
• No definitive agreement or financing details are disclosed in this amendment, leaving execution risk

Insights

Corporate Finance Analyst

TL;DR: A large strategic stake and a $8.15 non-binding buyout proposal materially alter control dynamics.

The filing shows a substantial 23.8% stake via ADIA and affiliates, which is large enough to influence board-level outcomes if coordinated with other holders. The Revised Proposal at $8.15 per share is the consortium's stated best and final offer and is presented on a fully diluted basis.

The offer's non-binding status means no transaction exists yet; material investor outcomes depend on whether definitive agreements are reached and on competing bids or board responses in the near term.

Investor Relations Specialist

TL;DR: The amendment increases transparency on ownership and the acquisition attempt but confirms uncertainty.

Filing the Revised Proposal and enumerating exhibits clarifies the consortium participants and the deal process, which helps stakeholders assess near-term strategic risk to the public float. The detailed exhibit list ties this amendment to earlier proposals and governance arrangements that shape execution pathways.

Stakeholders should monitor whether a definitive agreement is announced and any supplementary disclosures regarding financing, regulatory clearances, or competing offers within customary transaction timelines.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does ADIA and affiliates report in ReNew Energy (RNW)?

They report beneficial ownership of 58,170,916 shares, equal to 23.8% of Class A shares based on 244,405,376 outstanding shares.

What price does the consortium propose to pay per share for RNW?

The consortium's Revised Proposal states a best and final offer of $8.15 per share on a fully diluted basis.

Is the Revised Proposal binding on the consortium or the issuer?

No. The document states the Revised Proposal is non-binding and no agreement exists until definitive documents are executed.

Who are the reporting parties named in the filing for RNW?

The filing lists Abu Dhabi Investment Authority, Platinum Cactus A 2019 Trust, and Platinum Hawk C 2019 RSC Limited as reporting persons.

Does the amendment reference prior proposals or agreements?

Yes. It incorporates prior proposals and consortium agreements as exhibits and replaces Item 7 to list these materials.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/10/2025 - 09:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

ReNew Energy Global plc

(Name of Issuer)

Class A Ordinary Shares, Nominal Value of $0.0001 Per Share

(Title of Class of Securities)

G7500M104

(CUSIP Number)

Turner Herbert
Abu Dhabi Investment Authority, 211 Corniche, PO Box 3600
Abu Dhabi, C0, 00000
971 2 4150000

Michael Levitt, Sebastian Fain
Freshfields US LLP, 3 World Trade Center, 175 Greenwich St.
New York, NY, 10007
212 2774000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G7500M104

1

Name of reporting person

Abu Dhabi Investment Authority

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED ARAB EMIRATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 58,170,916.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 58,170,916.00

11

Aggregate amount beneficially owned by each reporting person

58,170,916.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Item 13 is calculated based on a total of 244,405,376 Class A Ordinary Shares of ReNew Energy Global plc, a public limited company registered in England and Wales with registered number 13220321 (the "Issuer"), which the Reporting Persons understand were outstanding as of March 31, 2025, as reported by the Issuer in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on July 30, 2025. With respect to Item 14, Abu Dhabi Investment Authority ("ADIA") is a public institution established in 1976 by the Government of the Emirate of Abu Dhabi (the "Government") as an independent investment institution. ADIA is wholly owned and subject to constitutional supervision by the Government. ADIA has an independent legal identity with full capacity to act in fulfilling its statutory mandate and objectives.

SCHEDULE 13D

CUSIP No. G7500M104

1

Name of reporting person

Platinum Cactus A 2019 Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED ARAB EMIRATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 58,170,916.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 58,170,916.00

11

Aggregate amount beneficially owned by each reporting person

58,170,916.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Item 13 is calculated based on a total of 244,405,376 Class A Ordinary Shares of the Issuer, which the Reporting Persons understand were outstanding as of March 31, 2025, as reported by the Issuer in its Annual Report on Form 20-F filed with the SEC on July 30, 2025. With respect to Item 14, Platinum Cactus A 2019 Trust is a trust established under the laws of the Abu Dhabi Global Market by deed of settlement, dated March 28, 2019 between Abu Dhabi Investment Authority and Platinum Hawk C 2019 RSC Limited ("Platinum Hawk"). Platinum Hawk is the trustee of Platinum Cactus A 2019 Trust. Platinum Hawk is an indirect wholly owned subsidiary of ADIA. The Class A Ordinary Shares are directly held by the Platinum Cactus A 2019 Trust. Pursuant to the rules and regulations of the Securities and Exchange Commission, both ADIA (pursuant to its right to vote or dispose of the shares) and Platinum Hawk (pursuant to its right to dispose of the shares) should be considered to be the beneficial owner of the Class A Ordinary Shares.

SCHEDULE 13D

CUSIP No. G7500M104

1

Name of reporting person

Platinum Hawk C 2019 RSC Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED ARAB EMIRATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 58,170,916.00

11

Aggregate amount beneficially owned by each reporting person

58,170,916.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.8 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Item 13 is based on a total of 244,405,376 Class A Ordinary Shares of the Issuer which the Reporting Persons understand were outstanding as of March 31, 2025, as reported by the Issuer in its Annual Report on Form 20-F filed with the SEC on July 30, 2025. With respect to Item 14, Platinum Hawk is the trustee of Platinum Cactus A 2019 Trust, which is a trust established under the laws of the Abu Dhabi Global Market by deed of settlement, dated March 28, 2019 between Abu Dhabi Investment Authority and Platinum Hawk. Platinum Hawk is an indirect wholly owned subsidiary of ADIA. Platinum Hawk does not have any voting power with respect to the Class A Ordinary Shares owned by the Platinum Cactus A 2019 Trust, but has the power to make, retain, divest, transfer, sell, convert, vary or transpose of such shares. Pursuant to the rules and regulations of the Securities and Exchange Commission, both ADIA (pursuant to its right to vote or dispose of the shares) and Platinum Hawk (pursuant to its right to dispose of the shares) should be considered to be the beneficial owner of the Class A Ordinary Shares.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Ordinary Shares, Nominal Value of $0.0001 Per Share
(b)	Name of Issuer: ReNew Energy Global plc
(c)	Address of Issuer's Principal Executive Offices: C/O Vistra (UK) Ltd, Suite 3, 7th Floor, 50, Broadway, London, UNITED KINGDOM , SW1H 0DB.
Item 1 Comment: This Amendment No. 4 (this "Amendment") amends and supplements the Schedule 13D filed by the Reporting Persons on September 2, 2021, as amended and supplemented on August 22, 2023, December 10, 2024 and July 3, 2025 (the "Original Schedule 13D" and, as amended and supplemented by this Amendment, the "Schedule 13D"). Except as specifically provided herein, this Amendment does not modify any of the information previously reported on the Original Schedule 13D. Capitalized terms not otherwise defined in this Amendment shall have the same meanings ascribed thereto in the Original Schedule 13D. This Schedule 13D is being filed by the Reporting Persons in relation to the Class A Ordinary Shares, par value $0.0001 (the "Shares"), of the Issuer. The principal executive office of the Issuer is located at C/O Vistra (UK) Ltd, Suite 3, 7th Floor, 50, Broadway, London, England, SW1H 0DB.
Item 4.	Purpose of Transaction
	This Amendment amends and supplements Item 4 of the Original Schedule 13D by adding the following: Revised Non-Binding Proposal On October 10, 2025, the Consortium jointly submitted a best and final non-binding proposal (the "Revised Proposal") to the special committee of the Board increasing the price per Share that the Consortium is proposing to pay to acquire all of the Shares (on a fully diluted basis) of the Issuer not presently owned by the Consortium Members in the Proposed Transaction to $8.15 per Share. The Revised Proposal is the Consortium's best and final non-binding offer. The Revised Proposal is non-binding, and no agreement, arrangement or understanding between the Consortium or any Consortium Members, on the one hand, and the Issuer, on the other hand, relating to the Revised Proposal, the Proposed Transaction or any other transaction will be created until such time as definitive agreements for the Proposed Transaction have been executed and delivered. References to, and descriptions of, the Revised Proposal in this Schedule 13D are qualified in their entirety by the terms of the Revised Proposal, a copy of which is attached hereto as Exhibit 99.9 and is incorporated in its entirety into this Item 4.
Item 7.	Material to be Filed as Exhibits.
	This Amendment amends and restates Item 7 of the Original Schedule 13D in its entirety as follows: 99.1 Joint Filing Agreement, dated September 2, 2021, among the Abu Dhabi Investment Authority, The Platinum Cactus A 2019 Trust and Platinum Hawk C 2019 RSC Limited (incorporated by reference to the Joint Filing Agreement filed as Exhibit 99.1 to the Original Schedule 13D filed by the Reporting Persons with respect to the Issuer on September 2, 2021) 99.2 Registration Rights, Coordination and Put Option Agreement (incorporated by reference to the Registration Rights Agreement filed as Exhibit 4.4 to the Shell Company Report on Form 20-F filed by ReNew Energy Global plc on August 27, 2021) 99.3 Shareholders Agreement (incorporated by reference to the Shareholders Agreement filed as Exhibit 4.3 to the Shell Company Report on Form 20-F filed by ReNew Energy Global plc on August 27, 2021) 99.4 Amendment to ReNew Global Shareholders Agreement dated July 17, 2023 (executed on July 24, 2023) (incorporated by reference to the Amendment to ReNew Global's Shareholders Agreement filed as Exhibit 4.17 to the Annual Report on Form 20-F filed by ReNew Energy Global plc on July 31, 2023) 99.5 Proposal, dated December 10, 2024, from Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, Abu Dhabi Future Energy Company PJSC-Masdar and Sumant Sinha (incorporated by reference to the Proposal filed as Exhibit 99.5 to the Amendment No.2 to the Schedule 13D filed by the Reporting Persons with respect to the Issuer on December 10, 2024) 99.6 Consortium Bid Conduct Agreement, dated December 10, 2024, by and among Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, Abu Dhabi Future Energy Company PJSC-Masdar and Sumant Sinha (incorporated by reference to the Consortium Bid Conduct Agreement filed as Exhibit 99.6 to the Amendment No.2 to the Schedule 13D filed by the Reporting Persons with respect to the Issuer on December 10, 2024) 99.7 Revised Proposal, dated July 2, 2025, from Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, Abu Dhabi Future Energy Company PJSC-Masdar and Sumant Sinha (incorporated by reference to the Revised Proposal, dated July 2, 2025, filed as Exhibit 99.7 to the Amendment No.3 to the Schedule 13D filed by the Reporting Persons with respect to the Issuer on July 3, 2025) 99.8 Amendment No. 1 to Consortium Bid Conduct Agreement, dated July 3, 2025, by and among Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, Abu Dhabi Future Energy Company PJSC-Masdar and Sumant Sinha (incorporated by reference to the Amendment No. 1 to Consortium Bid Conduct Agreement, dated July 3, 2025, filed as Exhibit 99.8 to the Amendment No.3 to the Schedule 13D filed by the Reporting Persons with respect to the Issuer on July 3, 2025) 99.9 Revised Proposal, dated October 10, 2025, from Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited, Abu Dhabi Future Energy Company PJSC-Masdar and Sumant Sinha* *Filed herewith

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Abu Dhabi Investment Authority

Signature:	/s/ Khadem Al Remeithi
Name/Title:	Khadem Al Remeithi / Authorized Signatory
Date:	10/10/2025

Signature:	/s/ Sultan Aldhaheri
Name/Title:	Sultan Aldhaheri / Authorized Signatory
Date:	10/10/2025

Platinum Cactus A 2019 Trust

Signature:	/s/ Suhail Al Dhaheri
Name/Title:	Suhail Al Dhaheri / Authorized Signatory
Date:	10/10/2025

Signature:	/s/ Mamoun Jamai
Name/Title:	Mamoun Jamai / Authorized Signatory
Date:	10/10/2025

Platinum Hawk C 2019 RSC Limited

Signature:	/s/ Suhail Al Dhaheri
Name/Title:	Suhail Al Dhaheri / Authorized Signatory
Date:	10/10/2025

Signature:	/s/ Mamoun Jamai
Name/Title:	Mamoun Jamai / Authorized Signatory
Date:	10/10/2025

Comments accompanying signature:

Suhail Al Dhaheri is signing on behalf of Platinum Hawk C 2019 RSC Limited as Trustee to the Platinum Cactus A 2019 Trust. Mamoun Jamai is signing on behalf of Platinum Hawk C 2019 RSC Limited as Trustee to the Platinum Cactus A 2019 Trust.