ReNew Power eyes merger with SPACs for US listing
POWER & RENEWABLE ENERGY

ReNew Power eyes merger with SPACs for US listing

Indian renewable energy major, Renew Power, an independent power producer (IPP), is exploring a merger with one of the US-listed blank cheque financiers to capitalise on the growing frenzy of such vehicles that are created for the sole purpose of acquiring an existing company.

The Goldman Sachs group-backed company held preliminary discussions with blank cheque financiers, also known as special purpose acquisition companies (SPACs), such as Peridot Acquisition Corp and RMG Acquisition Corp II, said sources.

Renew Power has 5.56 GW of operational solar and wind assets and 4.76 GW in the pipeline.

SPACs raise cash on the stock market and hunt for a private company to take public and are poised to be a key funding source as environmental, social and governance (ESG) investing takes centre stage.

Sources said the SPAC discussions are ongoing, and there is no guarantee that it will yield in a transaction.


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Make in Steel 2021

24 February 

Click for event info


About 30 companies in the sustainability, environment, energy and frontier mobility sectors, several of them backed by venture and private equity (PE) investors, had announced mergers with SPACs last year, involving investments of around $14.3 billion, as per data from Nomura Greentech, a division of investment bank Nomura Securities.

About 30 more SPACs that raised $9 billion in capital were still seeking clean technology acquisition targets as of the end of the year, as per the data.

Goldman Sachs and Morgan Stanley are working with Renew Power in its fundraising efforts, while Bank of America (BoA) is representing the SPACs.

Analysts believe other than being a major trend, listing via a SPAC has several advantages, including discovering value upfront and then marketing the issue to secure more investors.

SPAC vehicles can use future projections instead of relying on historical numbers, as stipulated in IPOs.

Image Source

Indian renewable energy major, Renew Power, an independent power producer (IPP), is exploring a merger with one of the US-listed blank cheque financiers to capitalise on the growing frenzy of such vehicles that are created for the sole purpose of acquiring an existing company. The Goldman Sachs group-backed company held preliminary discussions with blank cheque financiers, also known as special purpose acquisition companies (SPACs), such as Peridot Acquisition Corp and RMG Acquisition Corp II, said sources. Renew Power has 5.56 GW of operational solar and wind assets and 4.76 GW in the pipeline. SPACs raise cash on the stock market and hunt for a private company to take public and are poised to be a key funding source as environmental, social and governance (ESG) investing takes centre stage. Sources said the SPAC discussions are ongoing, and there is no guarantee that it will yield in a transaction.4th Indian Cement Review Conference 202117-18 March Click for event infoMake in Steel 202124 February Click for event info About 30 companies in the sustainability, environment, energy and frontier mobility sectors, several of them backed by venture and private equity (PE) investors, had announced mergers with SPACs last year, involving investments of around $14.3 billion, as per data from Nomura Greentech, a division of investment bank Nomura Securities. About 30 more SPACs that raised $9 billion in capital were still seeking clean technology acquisition targets as of the end of the year, as per the data. Goldman Sachs and Morgan Stanley are working with Renew Power in its fundraising efforts, while Bank of America (BoA) is representing the SPACs. Analysts believe other than being a major trend, listing via a SPAC has several advantages, including discovering value upfront and then marketing the issue to secure more investors. SPAC vehicles can use future projections instead of relying on historical numbers, as stipulated in IPOs. Image Source

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?