ReNew Power, India’s leading renewable energy independent power producer said it has completed its previously announced business combination with RMG Acquisition Corporation II. As a result of the business combination, RMG II has become a wholly owned subsidiary of “ReNew Energy Global plc”.
ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE), after redemptions and transaction fees. The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Mr. Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners. ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt.
ReNew’s senior management team will continue to lead the combined company, including Sumant Sinha, Chief Executive Officer.
“The completion of our business combination with RMG II begins a new era for our company, and is a great step forward for enabling further decarbonisation of the Indian power sector. We will continue to work to expand clean power generation across India” said Sinha.
At present, ReNew has a capacity of about 10 GW – including capacity already won in competitive bids.
The company said this combination has created India’s largest publicly-traded renewable energy company by total generation capacity and added that ReNew’s ordinary shares will begin to trade on August 24, 2021 on the NASDAQ.
Goldman Sachs India and Morgan Stanley India served as financial advisors to ReNew in connection with the business combination. Morgan Stanley acted as joint placement agent to RMG II on the PIPE. Latham & Watkins, Nishith Desai & Associates and Cyril Amarchand Mangladas served as legal advisors to ReNew Power.