CPPIB-led consortium submits best-and-final $8.15 offer for RNW

Rhea-AI Filing Summary

ReNew Energy Global plc Schedule 13D Amendment reports that the Canada Pension Plan Investment Board (CPPIB) and consortium members submitted a best-and-final, non-binding revised proposal to acquire all outstanding Class A shares not owned by the consortium at $8.15 per share on 10/10/2025. The filing shows CPPIB beneficially owns an aggregate of 88,846,844 Shares, representing 34.6% of the Class A ordinary shares on a fully diluted basis, which includes rights to acquire 12,345,678 Shares via conversion mechanics tied to ReNew India and a Class D share. The Revised Proposal is non-binding and will create no enforceable agreement until definitive transaction documents are executed.

Positive

• Revised offer of $8.15 per share signals stronger acquisition interest from the consortium
• Beneficial ownership of 88,846,844 Shares (34.6%) provides the consortium meaningful influence in negotiations
• Contingent conversion rights for 12,345,678 Shares clarify the consortium's fully diluted voting exposure

Negative

• The Revised Proposal is explicitly non-binding, so no transaction is guaranteed
• No definitive agreements or timelines disclosed, leaving outcome and timing uncertain
• Filing does not state any board acceptance or special committee recommendation, limiting clarity for shareholders

Insights

M&A Strategist

Consortium raises its buyout price to $8.15 per share as a best-and-final offer.

The increased offer to $8.15 per share signals a stronger near-term acquisition interest by the consortium led by CPPIB and partners. Holding 34.6% of the Class A voting rights gives the consortium meaningful influence over transaction dynamics and the ability to credibly press for a deal.

The proposal is explicitly non-binding, so investors should treat this as an advanced negotiation move rather than a completed transaction; definitive agreements must be signed before any change of control occurs. Watch for a formal agreement or board response in the coming weeks as the key next milestones.

Governance & Activism Analyst

CPPIB’s disclosed voting stakes and conversion rights materially affect shareholder control.

The filing discloses both direct ownership of 76,501,166 Shares and contingent voting rights tied to 12,345,678 Shares via conversion mechanics and a Class D share, yielding a reported 34.6% beneficial ownership on a fully diluted basis. That combination can shape negotiations, proxy contests, or shareholder votes concerning a transaction.

Because the Revised Proposal is non-binding, governance outcomes depend on whether definitive agreements include customary conditions and approvals; monitor any special committee communications, supplemental disclosures, or schedule of voting commitments over the near term.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

ReNew Energy Global plc

(Name of Issuer)

Class A ordinary shares, nominal value of $0.0001

(Title of Class of Securities)

G7500M104

(CUSIP Number)

Patrice Walch-Watson
Canada Pension Plan Investment Board, One Queen Street East, Suite 2500
Toronto, Ontario, Z4, M5C 2W5
(416) 868-4075

(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

Canada Pension Plan Investment Board

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)

WC

5

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

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 88,846,844.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 88,846,844.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

88,846,844.00

12

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

13

Percent of class represented by amount in Row (11)

34.6 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Item 13 is calculated based on 244,405,376 Class A ordinary shares (excluding treasury shares), nominal value of $0.0001 (the "Shares"), of ReNew Energy Global plc, a public limited company incorporated in England and Wales (the "Issuer"), 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 items 7, 9, 11 and 13, the Reporting Person currently holds 76,501,166 Shares of the Issuer. In addition, the Business Combination Agreement grants the Reporting Person the right to, at its discretion, transfer the ordinary shares of Renew Power Private Limited, a company with limited liability incorporated under the laws of India and subsidiary of the Issuer ("ReNew India"), held by the Reporting Person (the "India Shares") to the Issuer in exchange for an aggregate of 12,345,678 Shares. The Reporting Person also holds one Class D ordinary share of the Issuer, nominal value of $0.0001 (the "Class D Share"). The Class D Share effectively gives the Reporting Person the right to exercise its voting rights as if the Reporting Person had already converted the India Shares into Shares. As of March 31, 2025, the Reporting Person is considered to beneficially own an aggregate of 88,846,844 Shares, or 34.6% of the voting rights associated with the outstanding Shares (including 12,345,678 voting rights exercisable by the Reporting Person by virtue of the Class D Share held by the Reporting Person).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary shares, nominal value of $0.0001
(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,, London, UNITED KINGDOM , SW1H 0DB.
Item 1 Comment: This Amendment No. 11 (this "Amendment") amends and supplements the Schedule 13D filed by the Reporting Person on September 2, 2021 and amended and supplemented on February 15, 2022, February 18, 2022, February 24, 2022, September 23, 2022, October 3, 2022, March 2, 2023, March 8, 2023, July 24, 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 relates to the Class A ordinary shares, nominal value of $0.0001 (the "Shares"), of ReNew Energy Global plc, a public limited company incorporated in England and Wales (the "Issuer").
Item 2.	Identity and Background
(a)	This Amendment amends and restates the final paragraph of Item 2 of the Original Schedule 13D in its entirety as follows: In accordance with the provisions of General Instruction C to Schedule 13D, with respect to the Reporting Person, information concerning the name, business address, principal occupation and citizenship of its general partners, executive officers and board of directors and each person controlling the Reporting Person (collectively, the "Covered Persons"), required by Item 2 of Schedule 13D, is provided on Schedule I (attached as Exhibit 99.18) ("Schedule I") and is incorporated by reference herein. Schedule I to this Amendment amends and restates the information set forth on Schedule I to the Original Schedule 13D in its entirety.
(b)	See Item 2(a) above, which is incorporated by reference herein.
(c)	See Item 2(a) above, which is incorporated by reference herein.
(d)	Neither the Reporting Person nor, to the Reporting Persons' knowledge, any Covered Person listed on Schedule I (attached as Exhibit 99.18) has during the last five years been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Neither the Reporting Person nor, to the Reporting Persons' knowledge, any Covered Person listed on Schedule I (attached as Exhibit 99.18) has during the last five years been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	See Item 2(a) above, which is incorporated by reference herein.
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 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 99.17 and is incorporated in its entirety into this Item 4.
Item 7.	Material to be Filed as Exhibits.
	This Amendment amends and supplements Item 7 of the Original Schedule 13D by adding the following: Exhibit 99.17 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. Exhibit 99.18 List of Covered Persons

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.

Canada Pension Plan Investment Board

Signature:	/s/ Pierre Abinakle
Name/Title:	Pierre Abinakle / Managing Director, Head of Compliance
Date:	10/10/2025

Comments accompanying signature:

Exhibit 99.15 Power of Attorney of Canada Pension Plan Investment Board

FAQ

What did CPPIB and the consortium offer for ReNew Energy (RNW)?

They submitted a best-and-final non-binding proposal to acquire outstanding Class A shares at $8.15 per share on 10/10/2025.

How many ReNew Energy shares does CPPIB beneficially own?

CPPIB beneficially owns an aggregate of 88,846,844 Shares, which the filing reports as 34.6% of Class A ordinary shares on a fully diluted basis.

What gives CPPIB its fully diluted voting stake?

The stake includes 76,501,166 directly held Shares plus contingent rights to 12,345,678 Shares via conversion mechanics tied to ReNew India and a Class D share.

Is the consortium’s proposal legally binding?

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

Will this filing change control of ReNew Energy immediately?

No. The filing discloses influence and an offer but confirms no definitive agreement has been executed to effect a change of control.