ReNew Power Private Limited and RMG Acquisition II announced today the execution of a definitive agreement for a business combination at an enterprise value of $8 billion.
Gross cash proceeds are estimated to be approximately $1.2 billion, comprised of $855 million from a 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 PIPE was anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund and Zimmer Partners.
ReNew is India’s leading renewable energy independent power producer (IPP), and among the top 15 largest renewable IPPs globally by capacity, with a portfolio of more than 100 operational utility-scale wind and solar energy projects spread across nine Indian states. The company also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India.
Upon closing, the combined company would be named ReNew Energy Global and would trade on the Nasdaq under RNW. Read more.
