ReNew Power to merge with blank cheque RMG
POWER & RENEWABLE ENERGY

ReNew Power to merge with blank cheque RMG

Renewable energy major, ReNew Power has entered into an agreement to merge with blank cheque firm RMG Acquisition Corporation II, the combined entity valuing at about $8 billion.

Jointly, the two entities will be called ReNew Energy Global PLC, and will be listed on Nasdaq.

RMG Acquisition Corporation II is a blank cheque company formed to effect mergers, amalgamation, share exchange, asset acquisition, share purchase, reorganisation, or other similar business combination with one or more businesses. RMG II raised $345 million in its December 14 IPO.


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Gross cash proceeds from the agreement are estimated to be approximately $1.2 billion, comprising $855 million from the private investment in public equity (PIPE) and approximately $345 million of cash held in trust by RMG II, before any adjustments due to potential redemptions by RMG II shareholders.

The proceeds will be used to support ReNew's growth strategy, including the buildout of its contracted, utility scale renewable power generation capacity, as well as to reduce debt.

The renewable energy firm's management, and its current group of stockholders, including Goldman Sachs, the Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority and JERA Co Inc (JERA), who together own 100% of ReNew, will be rolling a majority of their equity into the new company, and are expected to represent approximately 70% of the effective company ownership upon transaction close.

Image: ReNew Power is a renewable energy player in India, an independent power producer (IPP), and among the top 15 largest renewable IPPs globally by capacity. 


Also read: ReNew Power eyes merger with SPACs for US listing

Renewable energy major, ReNew Power has entered into an agreement to merge with blank cheque firm RMG Acquisition Corporation II, the combined entity valuing at about $8 billion. Jointly, the two entities will be called ReNew Energy Global PLC, and will be listed on Nasdaq. RMG Acquisition Corporation II is a blank cheque company formed to effect mergers, amalgamation, share exchange, asset acquisition, share purchase, reorganisation, or other similar business combination with one or more businesses. RMG II raised $345 million in its December 14 IPO.4th Indian Cement Review Conference 202117-18 March Click for event info Gross cash proceeds from the agreement are estimated to be approximately $1.2 billion, comprising $855 million from the private investment in public equity (PIPE) and approximately $345 million of cash held in trust by RMG II, before any adjustments due to potential redemptions by RMG II shareholders. The proceeds will be used to support ReNew's growth strategy, including the buildout of its contracted, utility scale renewable power generation capacity, as well as to reduce debt. The renewable energy firm's management, and its current group of stockholders, including Goldman Sachs, the Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority and JERA Co Inc (JERA), who together own 100% of ReNew, will be rolling a majority of their equity into the new company, and are expected to represent approximately 70% of the effective company ownership upon transaction close. Image: ReNew Power is a renewable energy player in India, an independent power producer (IPP), and among the top 15 largest renewable IPPs globally by capacity. Also read: ReNew Power eyes merger with SPACs for US listing

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?