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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement