Indian renewable energy company ReNew Power Private Limited has successfully completed its business combination with blank cheque company RMG Acquisition Corporation II, post which it has started trading on NASDAQ with effect from August 24, 2021. A few days back, the merger was approved (see ReNew Power's Merger With Blank Cheque Company Cleared).
RMG II has now become a wholly owned subsidiary of ReNew Energy Global plc whose class A ordinary shares will be traded under symbol RNW and its warrants as RNWWW. It claims to have now become India's largest publicly-traded renewable energy company by total generation capacity with a total capacity of around 10 GW of wind and solar energy projects across India, including both commissioned and committed.
In a statement, ReNew said it has received $610 million in net proceeds as a result of this transaction, which it plans to deploy to accelerate its growth, fund operations and pay off debt.
Henceforth, its management team will comprise CEO Sumant Sinha, CFO D. Muthukumaran, COO Balram Mehta and CCO Mayank Bansal. The solar division will be led by Sanjay Verghese.Its board will comprise 10 members, including CEO of RMG II Robert Mancini, led by Sinha as the Chairman.
Mancini said, "With a strong balance sheet, bolstered by over $870 million of cash from the transaction, ReNew offers investors a unique way to play the continued and accelerating clean electrification trend seen across the global economy."
ReNew had previously announced a deal with RMG Acquisition in February 2021 (see ReNew Power Getting Ready For NASDAQ Listing). Since then, the company has announced signing India's 1st round-the-clock electricity supply power purchase agreement (PPA), expanded its portfolio to include hydropower along with of course entering manufacturing domain (see ReNew Power Acquires 359 MW Hydro & Solar Assets).