RMG Acquisition II in an 8-K filing today included an investor presentation promoting its pending merger with ReNew Power Private Limited.
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. 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 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. Read more.
