ReNew Power to list on NASDAQ

Goldman Sachs promoted renewable power generation company ReNew Power will list on NASDAQ through a merger with RMG Acquisition Corporation II (RMG II), a Nasdaq-listed special purpose acquisition company (SPAC). The pro forma consolidated and fully diluted enterprise value is expected to be close to $8 billion.

Reportedly, the combined entity would get total anticipated proceeds of $1.2 billion,  of which $855 million has come from $855 million has come from new marquee investors including BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund and Zimmer Partners. About $345 million of cash is held in trust by RMG II. ReNew is currently the only company in the Indian renewable energy sector with over 5 GW of operational solar and wind power plants, and has an aggregate capacity of close to 10 GW including contracts already won in competitive bids.

 

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