Renew Power to be listed on NASDAQ in a merger deal with RMG II worth $8 billion
Post date: 25/02/2021 - 12:47
Indian independent power producer Renew Power and RMG Acquisition Corporation II (RMG II) signed an agreement for a business combination that would result in Renew becoming a publicly listed company on the NASDAQ. The combined company would be named »Renew Energy Global PLC«. According to Renew Power, the consolidated enterprise value will be approximately $8 billion. The transaction will provide gross cash proceeds of estimated $1.2 billion. The 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. The transaction is expected to close in the second quarter of 2021.
Renew Power is an Indian leading renewable energy independent power producer (IPP). The company develops, builds, owns and operates utility-scale wind and solar energy projects, as well as distributed solar energy projects. As of December 2020, Renew had a total capacity of close to 10 GW of wind and solar power assets across India, including commissioned and committed projects.
New York-based RMG Acquisition Corporation II, part of RMG Capital, is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses.