Goldman-backed ReNew Power to list on Nasdaq via $8 billion SPAC deal
The fund proceeds will be used to support ReNew's growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity, as well as to reduce debt

- Feb 24, 2021,
- Updated Feb 24, 2021 7:52 PM IST
ReNew Power, India's biggest renewable power producer, has decided to go public in the US through a merger with a special purpose acquisition company (SPAC) at a valuation of around $8 billion. Goldman Sachs Group-backed ReNew has entered into a merger agreement with RMG Acquisition Corporation II (RMG II) and the combined entity would be publicly listed on the Nasdaq, an American stock exchange. The deal is expected to close in the second quarter of 2021, subject to customary closing conditions.
Upon closing of the deal, the combined company would be named ReNew Energy Global PLC and would be publicly listed on the Nasdaq under the new ticker symbol, RNW.
The transaction would further bolster ReNew's leading position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt, the company said in a press release.
As per the company, the pro forma consolidated and fully diluted market capitalisation of the combined entity would be approximately $4.4 billion, assuming no RMG II shareholders exercise their redemption rights. Gross cash proceeds are estimated to be approximately $1.2 billion, comprised of $855 million from the private investment in public equity (PIPE) and approximately $345 million of cash held in trust by RMG II, before any adjustments due to potential redemptions by RMG II shareholders.
Founded in 2011, 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 9 Indian states. The company also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India.
ReNew Power, India's biggest renewable power producer, has decided to go public in the US through a merger with a special purpose acquisition company (SPAC) at a valuation of around $8 billion. Goldman Sachs Group-backed ReNew has entered into a merger agreement with RMG Acquisition Corporation II (RMG II) and the combined entity would be publicly listed on the Nasdaq, an American stock exchange. The deal is expected to close in the second quarter of 2021, subject to customary closing conditions.
Upon closing of the deal, the combined company would be named ReNew Energy Global PLC and would be publicly listed on the Nasdaq under the new ticker symbol, RNW.
The transaction would further bolster ReNew's leading position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt, the company said in a press release.
As per the company, the pro forma consolidated and fully diluted market capitalisation of the combined entity would be approximately $4.4 billion, assuming no RMG II shareholders exercise their redemption rights. Gross cash proceeds are estimated to be approximately $1.2 billion, comprised of $855 million from the private investment in public equity (PIPE) and approximately $345 million of cash held in trust by RMG II, before any adjustments due to potential redemptions by RMG II shareholders.
Founded in 2011, 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 9 Indian states. The company also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India.