Indian renewable energy producer ReNew Power Private Limited has secured approval from the stockholders of a blank cheque company called RMB Acquisition Corporation II to merge with it, which will lead the way for the creation of a new entity called ReNew Energy Global plc.
Under the plans, RMG II will become a wholly-owned subsidiary of ReNew Global which will now start trading on NASDAQ Global Select Market under the ticker RNW with class A shares, and its warrants to commence trading under ticker RNWWW, starting from August 24, 2021.
Led by Jim Carpenter, Bob Mancini, and Phil Kassin, RMG II intends to identify, acquire and operate businesses across a broad range of sectors.
ReNew Power had earlier announced its plans to merge with RMG in February 2021 to be able to list on NASDAQ after entering a definitive agreement to merge with RMG when the latter said it raised $345 million through an initial public offering (IPO) in December 2020 (see ReNew Power Getting Ready For NASDAQ Listing).
The Indian company operates in the space of wind and solar energy and has now forayed into the hydropower space, growing its total portfolio to exceed 10 GW. It aims to scale it up to 18 GW by 2025 (see ReNew Power Acquires 359 MW Hydro & Solar Assets).