ReNew Power Private Limited, an Indian renewable energy producer, and RMG Acquisition Corporation II have made a business combination agreement which provides an IPO for ReNew on the Nasdaq Capital Market.
The merged company will be named ReNew Energy Global PLC and be listed on the Nasdaq under the ticker symbol “RNW.” The transaction will consolidate ReNew’s position in solar and wind power generation in the Indian market, funding medium-term growth opportunities, as well as reducing its level of debt. The leadership of ReNew will remain unchanged, with Sumant Sinha as chairman and CEO of the merged company, overseeing its strategic growth initiatives and expansion.
“India’s renewable energy sector has grown rapidly over the past decade,” said Sumant Sinha, Founder, Chairman and CEO of ReNew. “During this period, ReNew has played a key role in ensuring that the sources of this growth are renewable, but also competitive. Over the next ten years, ReNew plans to stay the course of its market share growth, to sustain its contribution in greening India’s power sector, and helping the Indian government meet its ambitious renewable energy goals. We will continue to build capacity, with industrial scale battery storage, and energy solutions intelligent. The goal of ReNew is to
“When we closed our IPO in December, we were looking to partner with a company that stands for global change, has a proven track record, and has an exceptional leadership team,” says Bob Mancini, CEO and director of RMG II. “We found what we were looking for in ReNew, and we are delighted to partner with an incredibly talented team led by Sumant. Our research on ReNew has confirmed that it is not only the leader in renewable energy in India, but also the company best positioned in this market. Its commitment to measured growth through long-term partnerships with central and state government agencies in India, its scale, its technological innovation, and its strong financial position should allow ReNew to capitalize on very promising trends in the Indian electricity market over the next decade and beyond. We are proud to be part of this fantastic story. “
Goldman Sachs (India) Securities Private Limited and Morgan Stanley India Company Private Limited are acting as financial advisers to ReNew in connection with the business combination. Morgan Stanley & Co. LLC acts as joint placement agent to RMG II in connection with PIPE. Latham & Watkins LLP, Nishith Desai & Associates and Cyril Amarchand Mangladas are acting as legal advisers to ReNew.